Schneider Electric commits S$16m to build Singapore firms with global potential
SCHNEIDER Electric on Wednesday said it is committing at least S$16 million over the next four years to incubate and develop up to four Singapore-based companies with global growth potential.
The investment is part of the energy and automation digital solutions provider's global innovation programme which includes incubations, investments and partnerships.
Through the programme, Schneider Electric will use its expertise in energy management, industrial automation and digital transformation to help these companies go global, it said in an announcement. It will also provide market access and its understanding of the global supply chain.
The company has signed a memorandum of understanding with the Singapore Economic Development Board (EDB) to create the new programme which will focus on creating new business ventures, increasing innovation and help companies with strong global potential and the ability to scale.
The venture building programme will target new ventures from climate change solutions to helping the transition to renewable energy sources.
It will also look at new technologies like Internet of Things, 5G, artificial intelligence and robotics, in order to address growing markets like distributed energy resources, energy-as-a-service, electromobility, energy storage, and efficient heating, ventilation and cooling.
"We are excited about this partnership to build new companies in Singapore," said Emmanuel Lagarrigue, Schneider Electric's chief innovation officer. "Singapore is a hub for innovation and we look forward to working with talented entrepreneurs to build new technology and business models."
Schneider Electric previously worked with EDB to launch a management trainee programme for Nanyang Technological University and National University of Singapore graduates.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month