SEMBCORP Industries is partnering the Energy Market Authority to put up S$10 million to fund the commercialisation of new energy technology.
Both will first identify areas where greater use of research and development will be beneficial, and jointly select proposals from technology providers and the research community.
Successful applicants will then work with Sembcorp, with the opportunity to develop their applications in an industrial setting.
More details will be released next year, the firm said.
The initiative was announced at the official opening of Sembcorp Technology and Innovation Centre, as well as a cogeneration plant in the same location on Jurong Island. Costing about S$1 billion, these bring Sembcorp's total investment on Jurong Island to about S$3 billion so far.
The innovation centre will conduct technical studies in areas such as alternative fuels and treatability of industrial wastewater, as well as support its global operations. Sembcorp also runs a woodchip boiler and an energy-from-waste facility which uses industrial and commercial waste as fuel to produce steam.
The cogeneration plant, its second on Jurong island, adds 400 megawatts (MW) to the firm's current generating capacity of 815 MW. The first facility is located in the central Sakra sector, while the second is in the South-west Banyan sector.
Cogeneration plants use normally-wasted heat energy to generate electricity, making them more energy-efficient.