EDB secures $500 million in investments to create 400 jobs

This article is more than 12 months old

The Economic Development Board (EDB) has secured investments from clean energy companies worth $500 million over the next five years, creating 400 skilled jobs.

Around two-thirds of these jobs will go to Singaporeans, said EDB executive director Goh Chee Kiong.

"There is a global shortage of talent in clean energy, and I think it is in Singapore's interest to make sure that we are able to attract a fair share of global talent to Singapore, yet ensure there is a Singaporean core."

The investments were announced yesterday by Dr Koh Poh Koon, Senior Minister of State for Trade and Industry and National Development in his opening remarks for the Asia Clean Energy Summit 2017.

EDB declined to give a breakdown of the $500 million, citing commercial sensitivities.

The summit began on the second day of the Singapore International Energy Week 2017, following $24 million of clean energy grants awarded by the Energy Market Authority on Monday.

Among the companies is Envision Energy. The Chinese company will set up its global digital energy hub in Singapore.

Its managing director Zhang Lei said the company intends to hire more than 200 people in the fields of big data, machine learning and the Internet of Things. Germany-based VDE is investing $20 million to set up an energy storage testing and certification lab.