MAINBOARD-listed Citic Envirotech Ltd (CEL) officially launched its wholly-owned subsidiary Singapore Envirotech Accelerator (SEA) at Singapore International Water Week 2018, the water solutions provider said on Tuesday.
Formed in collaboration with the Singapore Economic Development Board (EDB), the accelerator will identify promising small and medium-sized enterprises and help them bring their innovations to market, with the possibility of listing them on the Singapore Exchange in future.
CEL will invest S$30 million over four years and employ at least 35 technology personnel for SEA.
The accelerator has put together a five-person advisory panel of leading industry stalwarts to guide it in selecting candidates for its programme.
Hao Weibao, Citic Envirotech's executive chairman and group chief executive officer, said: "As a technology-driven company, the incorporation of SEA supports our corporate mission to be at the forefront of breakthroughs and advancements in environmental technologies.
"We believe the work done through SEA not only complements CEL's existing services and technologies, we expect it to introduce new and exciting innovative technologies to the market, building an ecosystem that can bring manifold benefits to all stakeholders."
EDB assistant managing director Lim Kok Kiang added: "Such initiatives help develop value-capture opportunities and create interesting career paths for Singaporeans, while contributing to the environmental sustainability goals of Singapore and the region."
Another Citic subsidiary, Memstar, has announced the opening of its first membrane manufacturing plant outside Asia in Conroe, Texas.
Spanning 40,500 sq ft, the US$15 million facility will manufacture Memstar's latest product, the Memstar Advance Reverse Osmosis and Nano Filtration (RO/NF) Membrane. The new membrane expands the group's capabilities to offer a complete range of membrane filtration products for water treatment.
Calling the plant a "true new innovation, a state-of-the-art, purpose-designed and purpose-built RO/NF membrane manufacturing centre of excellence", Mr Hao saidï¿½ it serves as a stepping stone in the group's expansion plan and goal to bring its membrane products and water treatment solutions to as many countries as possible.