SINGAPORE - The Energy Market Authority (EMA) and energy company Shell have committed $4 million with support from Enterprise Singapore (ESG) to grow local energy start-ups, as part of a renewed partnership.
The additional funding takes EMA and Shell's joint commitment to a total of $8 million, from the $4 million in the previous partnership, the three parties said in a statement on Wednesday (July 21).
Twelve start-ups have been supported since the partnership kicked off in 2019 under the Shell StartUp Engine programme.
The global innovation programme helps start-ups develop solutions and expand market reach through Shell's network.
Awarded projects include a universal battery pack for personal mobility devices by Anzene, sustainable charging infrastructure for unmanned delivery vehicles by Pylon and a solar photovoltaics deployment project by Quantified Energy Labs.
"As part of Shell Singapore's 10-year plan to transform our business and cut our own CO2 emissions, we believe that we must continue pushing for new ideas and piloting them with the ambition to take them to scale. Energy start-ups are an exciting source of such innovations," said Ms Aw Kah Peng, chairman of Shell Companies in Singapore.
This partnership is supported by ESG under the Open Innovation initiative, which leverages lead demand from government agencies and business corporations to support small and medium-sized enterprises and start-ups in developing innovative solutions.
Mr Png Cheong Boon, chief executive of ESG, said: "Translating ideas into viable, commercial solutions requires strong partnership between the industry and the innovators. Through this Open Innovation initiative, energy start-ups are able to participate in projects that allow them to build up new capabilities that the market requires, and in turn gain track record for scaling up further."