Schneider Electric, the global specialist in energy management and automation, has committed S$16 million (US$11.7 million) to build at least four Singapore-based companies with global potential.
The company signed a memorandum of understanding with the Singapore Economic Development Board (EDB) to launch a new venture building program that will incubate and develop companies based in Singapore that have strong global scalability potential.
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Additionally, Schneider Electric said it will bring its expertise in energy management, industrial automation, and digital transformation to help these Singapore-based companies go global.
The incubation program targets startups tackling the global climate change challenge by harnessing technologies such as IoT, 5G, AI, and robotics to build solutions in the fields of energy-as-a-service, energy storage, and smart buildings.
“We are excited about this partnership to build new companies in Singapore, a hub for innovation, and we look forward to working with talented entrepreneurs to build new technology and business models,” Emmanuel Lagarrigue, Schneider Electric’s Chief Innovation Officer.
In a statement, Schneider Electric, headquartered in France but with a global presence in over 100 countries, said the investment in Singapore is part of its global innovation program that includes incubations, investments, and partnerships.
It is also aligned with the company’s goal to combine external innovation with internal resources and people to transform who the world uses and generates energy, it added.
The East Asia and Japan regional headquarters, Schneider Electric’s first large-scale innovation hub in Asia, leads the company’s regional efforts in research and development and will complete its transformation into a carbon-neutral building by mid-2020.
Beh Kian Teik, assistant managing director at EDB, said Schneider Electric’s innovation activities in Singapore will be augmented with EDB’s goal of supporting corporates to build new ventures from Singapore.
“We are pleased that Schneider Electric has chosen to establish its Venture Building Programme in Singapore,” Beh said.