Enterprise Financing Scheme-Green (EFS-Green) <\/a>has been helping companies access green financing.<\/p>\n\n\n\nThe scheme is targeted at businesses that develop technologies and solutions to reduce waste, resource use or greenhouse-gas emissions, especially in clean energy, circular economy, green infrastructure and clean transportation.<\/p>\n\n\n\n
In total, 50 small and medium-sized enterprises developing and providing green solutions have received support, and close to $260 million of green loans have been given out so far.<\/p>\n\n\n\n
Beneficiaries include companies in solar energy, energy storage, energy efficiency technologies, electric vehicle technologies and more.<\/p>\n\n\n\n
Said KoolLogix\u2019s chief executive Cheong Chun Keat, 51: \u201cI\u2019m very glad that there are now these schemes that support green enterprises. I hope that they can extend this support to non-green companies that are trying to adopt sustainable technology. This will contribute to Singapore\u2019s journey towards sustainability.\u201d<\/p>\n\n\n\n
Mr Cheong started the data centre thermal management solution start-up in 2018 with a team of three people.<\/p>\n\n\n\n
He said data centres, which were reported to account for 7 per cent of Singapore\u2019s total electricity consumption in 2020, can reduce their energy costs by up to 50 per cent with KoolLogix\u2019s heat removal solutions.<\/p>\n\n\n\n
\u201cKoolLogix\u2019s heat removal technology is also able to reduce carbon production by up to four times as compared to our competitors,\u201d he added.<\/p>\n\n\n\n
Another company that received EFS-Green funding is Durapower Group, an energy storage solutions provider.<\/p>\n\n\n\n
Durapower manufactures sustainable batteries that support the circular economy and transformation towards a carbon-neutral future.<\/p>\n\n\n\n
The loan was for Durapower to speed up the development and distribution of its high-tech energy storage solutions for the Tuas Port\u2019s automated guided vehicle (AGV) fleet.<\/p>\n\n\n\n
These energy storage solutions include lithium-ion batteries for a number of AGVs at Tuas Port. Durapower is in charge of the design, manufacturing, supply, and commissioning of these battery solutions.<\/p>\n\n\n\n
\u201cAs an alternative to fossil fuels, lithium-ion batteries are a more sustainable energy source which causes less negative environmental impact,\u201d said Mr Kelvin Lim, chief executive of Durapower.<\/p>\n\n\n\n
\u201cWith sustainable, innovative, and low-carbon energy solutions, the AGV fleet is a significant element towards a greener port.\u201d<\/p>\n\n\n\n
Home-grown marine company Penguin International also tapped EFS-Green to design, build and operate three electric ferries and rapid shore chargers.<\/p>\n\n\n\n
The firm specialises in the design, construction, ownership and operation of high-speed aluminium ships.<\/p>\n\n\n\n
These ferries will transport more than 3,000 workers to and from Shell\u2019s Energy and Chemicals Park on Pulau Bukom, replacing the diesel-powered ferries currently being used.<\/p>\n\n\n\n
\u201cDubbed the Electric Dream ferries, these will be Singapore\u2019s first fully electric seagoing ships that will help Shell reach its net-zero ambitions,\u201d said Ms Joanna Tung, finance and administration director of Penguin.<\/p>\n\n\n\n
She added: \u201cWhile we do not see ourselves pivoting away from our mainstream shipbuilding and chartering businesses anytime soon, this project certainly represents a big plunge by Penguin into the maritime decarbonisation business.\u201d<\/p>\n\n\n\n
Companies have also leveraged the scheme to scale their business and expand to new markets, said Mr Geoffrey Yeo, ESG\u2019s assistant chief executive for urban solutions, sustainability and enterprise finance.<\/p>\n\n\n\n
\u201cThis in turn accelerates industry adoption of green solutions and technologies, and brings us closer to our climate goals,\u201d he added.<\/p>\n\n\n\n
This article is from The Straits Times<\/a> (Retrieved 16 Apr 2024)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"SINGAPORE \u2013 When local start-up KoolLogix needed an injection of funds to complete a new test lab facility to test its heat removal solutions for data centres, it turned to Enterprise Singapore (ESG). Introduced in 2021 by the government agency, the Enterprise Financing Scheme-Green (EFS-Green) has been helping companies access green financing. The scheme is targeted at […]<\/p>\n","protected":false},"author":1,"featured_media":803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-coverage"],"_links":{"self":[{"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/posts\/802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/comments?post=802"}],"version-history":[{"count":1,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/posts\/802\/revisions"}],"predecessor-version":[{"id":804,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/posts\/802\/revisions\/804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/media\/803"}],"wp:attachment":[{"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/media?parent=802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/categories?post=802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/singaporewebdevelopment.com\/client\/koollogix\/wp-json\/wp\/v2\/tags?post=802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}