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SMRT Corp ties up with F1-linked firm for work on rail system and infrastructure
RAIL operator SMRT Corporation on Wednesday said that it has formed a joint venture company with Cyclect Electrical Engineering - which has worked on the Formula 1 Singapore Grand Prix - to look at electrical systems for land transportation.
The joint venture company will look at rail systems; infrastructure for electric power systems or networks for electric cars and buses, electric autonomous vehicles and electric personal mobility devices; and system design and high voltage electrical infrastructure for ports. The joint venture was set up through SMRT's wholly owned subsidiary, SMRT Services.
SMRT-Cyclect Power will work on projects in Asean, Australia and New Zealand. It may explore other markets such as Africa, China and India.
Cyclect provides electrical, mechanical and automation services for building, infrastructure, industrial plants, marine and offshore, logistics and transport segments. Its clients include the Formula 1 Singapore Grand Prix, Universal Studios, Exxon Mobil, Energizer, Pfizer, Marina Bay Sands and Singapore Sports Hub.
The issued and paid-up capital for the joint venture firm is S$1 million. SMRT Services will subscribe for 600,000 shares for S$600,000, with Cyclect subscribing for the remaining shares.