French Energy Firm Engie to Invest $80m in Singapore Innovation Centre

Engie, a French utility company, is poised to make an investment of eighty million dollars over a period of five years in Singapore to fuel digital initiatives and develop technical competencies at an innovation center that would further boost energy efficiency in the region. The development will focus on new district cooling projects, supported by the Centre of Expertise for District Cooling. The project will create up to two hundred jobs, mostly for engineers and other skilled professionals. The project is not going to be confined to Singapore as far as the implications are concerned. It is expected to bring in steadfast changes across the Asia Pacific region. However, most of the investment will be limited to Singapore and will be strategically executed every year till 2022/23.

The Centre of Expertise for District Cooling said in an official statement that the Smart Nation initiative in Singapore will be providing the French utility company with the opportunity and relevant assistance to explore new solutions and to test them in real scenarios. This is expected to establish one of the major regional development platforms dedicated to district cooling systems. The expansion of Engie is also being facilitated by Economic Development Board. The board is hoping that the innovation center in Singapore will become the innovation hub for the entire Asia Pacific region and facilitate significant changes for the consumers in the country.

In its official statement, Engie has iterated that the innovation center will focus on digital solutions & services to harness data in real time so it can gain insights that are right now unavailable. The objective of the program is to help consumers improve and manage energy efficiency, to maximize the performance of existing systems and to ensure that end users have better experiences. Isabelle Kocher, the chief executive of Engie Group said in a statement that the Smart Nation initiative of Singapore provides a natural momentum to such projects as the agenda is sustainable innovation and it is only fitting for the organization to test its innovations and build on them in the city state.

Beh Swan Gin, the chairman of the Economic Development Board, has been working towards developing digitized solutions across sectors to ensure it becomes one of the core competencies driving the economy forward. According to Gin, the decision of Engie to use the Center of Expertise as its base to explore energy efficiency and digital initiatives in the Asia Pacific region is an endorsement of the potential of Smart Nation initiative. Not only would the project augur well for consumers but it would actually pave the way for Singaporeans to partake in a new area of development and growth, which can provide fillip to local businesses in a myriad of ways. Engie is not the first foreign corporation that has endorsed and acknowledged the potential of Smart Nation or the various digitization initiatives of the government. However, it is one of the major endorsers with the ability to bring in real change on the ground.

About the Author

Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore Has Established a Lucrative Innovation Fund for New Enterprises, Productivity Tips from Entrepreneurs and all topics related to Business Productivity. If you are interested about Singapore Company Registration visit our website or contact us.

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