CapitaLand unveils S$50million innovation fund to drive sustainability efforts

SINGAPORE - June 12, 2021 - PRLog -- CapitaLand has set up a S$50 million CapitaLand Innovation Fund to support the testbedding of sustainability and other high-tech innovations in the built environment space as the Group steps up its sustainability drive.  This was announced by CapitaLand's Group Chief Executive Officer, Mr Lee Chee Koon, at the Grand Finale of the inaugural CapitaLand Sustainability X Challenge (CSXC) where the top two winners were crowned.  The 'High Impact Award' went to INOVUES, INC, while the 'Most Innovative Award' went to Climatec Corp Pte Ltd.

INOVUES, INC and Climatec Corp Pte Ltd emerged winners amongst six finalists that were shortlisted from over 270 entries received from more than 25 countries. INOVUES, INC's innovation focuses on an insulating glass retrofit technology that reduces heat gain inside a building, reducing the energy consumption used to heat or cool the building by up to 40%. Climatec Corp Pte Ltd's innovation is a water treatment process utilising photon vibration frequency technology to treat cooling tower water without the use of chemicals or power, achieving 60% to over 90% water savings and 1% to over 5% energy savings[1]. Both winners of the CSXC will receive S$50,000 each to fund their pilot projects with CapitaLand.

Minister for Sustainability and the Environment of Singapore, Ms Grace Fu, who was the Guest-of-Honour at the CSXC Grand Finale, said: "Research and innovation leading to commercialisation is a space where public and private sectors must collaborate.  Research can be long-dated and involves high risk.  Governments must support and fund it.   Innovation and commercialisation of products of research require entrepreneurial acumen and nimble responses.  This is where many enterprises have strengths.  Initiatives such as the CapitaLand Sustainability X Challenge help to uncover unique solutions that may offer the right competitive edge.  It also gives innovators an opportunity to testbed and refine their ideas, which can eventually be scaled up to benefit businesses, consumers and our environment."

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