CapitaLand unveils S$50 million innovation fund and crowns winners of first CapitaLand Sustainability X Challenge
Singapore, 11 June 2021 – 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.”
Mr Lee Chee Koon, CapitaLand’s Group Chief Executive Officer said: “Innovation is key to CapitaLand’s business and culture as we seek to deliver sustainable value to our stakeholders. The CapitaLand Innovation Fund will enable us to catalyse more innovations, accelerate our global sustainability efforts and ensure that we remain at the forefront of technology in the built environment space. The inaugural CapitaLand Sustainability X Challenge has allowed us to uncover promising innovations that we can potentially implement at our properties across the globe and help us achieve our ambitious targets set out in our 2030 Sustainability Master Plan. Through CapitaLand’s global network, we aim to bring more innovators and leading industry players together to advance innovation and build a more sustainable planet.”
The CapitaLand Sustainability X Challenge Opening Video
Encouraging more innovations through the CapitaLand Innovation Fund and future editions of the CapitaLand Sustainability X Challenge
The CapitaLand Innovation Fund with a S$50 million commitment over five years is another of the Group’s efforts to encourage more innovation in the built environment space with a strong focus on sustainability. In October 2020, CapitaLand opened the Smart Urban Co-Innovation Lab at the Singapore Science Park in partnership with the Infocomm Media Development Authority and Enterprise Singapore, with sustainability as one of its focus areas. CapitaLand will also redeploy interest rate savings from its sustainability-linked loans towards the Group’s sustainability initiatives.
At the CXSC Grand Finale held today, CapitaLand also announced that future editions of the CSXC will continue to advocate sustainability innovation. CapitaLand hopes that companies and innovators will continue to step forward to participate in future CSXC editions.
The CSXC is one of CapitaLand’s signature events, and the first sustainability challenge by a Singapore real estate company on a global scale. It aims to accelerate sustainability innovation and collaboration within the built environment.
In addition to the S$50,000 prize money, the winners will be showcasing their innovations to senior global business leaders, investors and policymakers at the annual Ecosperity Week[2], organised by Temasek, the lead partner of the CSXC.
The winners were also presented with a specially designed trophy made of translucent low-carbon concrete.
Designed and engineered by Pan-United, the low-carbon concrete allows natural light to pass through, saving electricity, energy and maintenance costs. Shaped as an ‘X’ to represent the CSXC, the speckled star-like design signifies a galaxy of possibilities for innovation to create a more sustainable future.
The winners and the four other finalists will also gain access to CSXC’s partners’ global innovation programmes, where they get to connect with potential investors and business partners as well as receive expert advice to accelerate the growth of their businesses. The finalists and selected participants will also get a chance to pilot their innovations at selected CapitaLand properties worldwide.
Over 50 partners have contributed to the success of the sustainability challenge. CSXC’s international partners range from government agencies to the business community, industry experts, venture capitalists, financial institutions as well as institutes of higher learning[3].
The CSXC is a part of CapitaLand’s 2030 Sustainability Master Plan which details the Group’s sustainability strategies and goals over the next 10 years. For more information on the CSXC and CapitaLand’s 2030 Sustainability Master Plan, please visit: https://www.capitaland.com/en/about-capitaland/sustainability.html and www.capitalandsustainabilityxchallenge.com.
[1] For more information on the winners and finalists, please see Annex A
[2] Ecosperity Week will take place from 28-30 September 2021 in Singapore
[3] For the full list of judges, mentors, coaches, plenary speakers and partners, see Annex B
Missed the CapitaLand Sustainability X Challenge Grand Finale?
Relive the excitement and watch it again!