INNEOVA Engineering, an INNEOVA Holdings Company, signs MoU with HyCee to Support Hydrogen Adoption in Singapore

Rhea-AI Summary

INNEOVA Holdings (NASDAQ:INEO) announced that its subsidiary, INNEOVA Engineering, has signed a non-binding MoU with HyCee, a GuoFu Hydrogen joint venture, to advance hydrogen adoption in Singapore. The partnership aims to support Singapore's Green Plan 2030 through:

• Joint development of hydrogen technologies and infrastructure
• Market expansion across transport, logistics, and industrial sectors
• Development of distribution and refueling infrastructure
• Implementation of pilot projects and feasibility studies
• Comprehensive after-sales service and maintenance support

The collaboration combines INNEOVA's engineering expertise with HyCee's capabilities in hydrogen production, storage, and distribution to deliver sustainable clean energy solutions.

Positive

• None.

Negative

• MoU is non-binding, indicating uncertainty in final agreement terms
• No financial terms or specific project commitments disclosed
• Implementation timeline and capital requirements not specified
• Faces competition in rapidly evolving hydrogen market

Insights

Clean Energy Industry Analyst

INNEOVA's hydrogen partnership with HyCee strategically positions it in Singapore's growing clean energy market, though commercial impact remains uncertain.

INNEOVA Engineering's non-binding MoU with HyCee represents a strategic positioning move in Singapore's emerging hydrogen economy. While the agreement lacks binding commitments or financial details, it aligns with Singapore's Green Plan 2030 and global decarbonization trends.

The partnership combines complementary capabilities: INNEOVA contributes engineering and lifecycle management expertise while HyCee brings hydrogen production, storage, and distribution technologies. Their five-point collaboration framework targets key growth sectors including transport, logistics, and industrial applications - all prime candidates for hydrogen adoption.

This move is strategically timed as Singapore accelerates its low-carbon transition. The country faces unique energy security challenges as a land-constrained island nation heavily dependent on natural gas imports. Hydrogen offers a potential solution for hard-to-decarbonize sectors.

However, investors should note the preliminary nature of this agreement. The MoU outlines aspirations rather than concrete projects with defined timelines or capital commitments. The emphasis on feasibility studies and pilot programs signals this is an early-stage exploration. The commercial impact will depend entirely on the partners' ability to convert these plans into executable projects with clear revenue potential.

The hydrogen market in Singapore remains nascent, with significant infrastructure and regulatory development still needed. While this partnership positions INNEOVA to potentially capture future growth, material financial benefits will likely materialize only in the medium to long term.

Driving Hydrogen Innovation to Power Singapore’s Green Plan 2030

SINGAPORE, Sept. 25, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (“INNEOVA Holdings” or the “Company”), (Nasdaq: INEO), a Singapore-based solutions provider focused on maximising uptime, optimising total cost of ownership, and extending asset longevity through sustainable engineering, today announced that its wholly-owned subsidiary, INNEOVA Engineering Pte. Ltd., has entered into a non-binding Memorandum of Understanding (MoU) with HyCee Pte. Ltd. (“HyCee”), a joint venture of GuoFu Hydrogen, to collaborate on advancing hydrogen adoption in Singapore. This strategic partnership positions INNEOVA Holdings to capitalize on the growing global demand for clean energy solutions, aligning with Singapore’s Green Plan 2030.

The MoU establishes a framework for INNEOVA Engineering and HyCee to jointly develop and deploy hydrogen-related technologies and infrastructure in Singapore, targeting high-growth sectors such as transport, logistics, industrial applications, and commercial enterprises. By combining INNEOVA’s expertise in engineering, project execution, and lifecycle management with HyCee’s advanced capabilities in hydrogen production, storage, and distribution, the collaboration aims to deliver scalable, reliable, and sustainable solutions that support Singapore’s low-carbon transition.

Key objectives of the partnership include:

• Market Expansion: Engaging potential hydrogen users across transport, logistics, industrial, and commercial sectors to drive adoption.
• Infrastructure Development: Exploring opportunities to develop hydrogen distribution and refueling infrastructure to support scalability.
• Technology Promotion: Advocating for hydrogen technologies to stakeholders and regulators to foster a supportive ecosystem.
• Operational Excellence: Providing comprehensive after-sales service, technical support, and maintenance to ensure reliability and uptime.
• Pilot Projects: Conducting feasibility studies and pilot programs to demonstrate the viability of hydrogen solutions in Singapore.
  

Roger Chua, Director of INNEOVA Engineering, stated:

“This strategic collaboration with HyCee strengthens our ability to deliver innovative, sustainable solutions that align with global decarbonization trends. By integrating our engineering expertise with HyCee’s hydrogen technologies, we are well-positioned to capture opportunities in Singapore’s growing clean energy market, delivering value to our customers and shareholders alike.”

Syed Mubarak, Managing Director of HyCee, added:

“Our partnership with INNEOVA Holdings enables us to accelerate the deployment of hydrogen solutions tailored to Singapore’s market needs. This collaboration not only supports Singapore’s Green Plan 2030 but also positions both companies to lead in the global transition to a low-carbon economy, creating sustainable growth opportunities.”

About INNEOVA Engineering

INNEOVA Engineering is an engineering solutions provider offering system lifecycle analysis and turnkey solutions across transport, healthcare, defence, utilities, and facility management. The company delivers integrated services including cooling systems, flow management, and fleet maintenance designed to maximise asset uptime and longevity through innovation, reliability, and sustainability across Asia. Committed to optimising total cost of ownership (TCO) and future-proofing essential infrastructure, INNEOVA Engineering ensures operations remain resilient from concept to maintenance.

For more information, visit https://engineering.inneova.co

About HyCee Pte. Ltd.

HyCee (JV company of GuoFu Hydrogen, listed in Hong Kong) is a leading solution provider of end-to-end solutions across the value chain of hydrogen energy generation, purification, storage, refuelling, transportation, and use. Its capabilities include advisory, consulting, manufacturing (a) hydrolysis hydrogen production equipment, (b) liquid hydrogen plant solutions include storage and transportation containers, (c) complete sets of hydrogen refuelling station equipment, and (d) vehicle-mounted hydrogen supply systems.

For more information, visit https://hycee.ai

About INNEOVA Holdings Ltd.

INNEOVA Holdings (formerly known as SAG Holdings Limited) is a leading Singapore-based solution driven partner for industries where uptime and reliability are mission-critical. By combining deep engineering expertise, digital capabilities, and sustainable practices, INNEOVA delivers integrated solutions that optimise lifecycles, maximise uptime, and extend asset longevity across its Parts Services and Engineering Services business segments.

Parts Services: Supporting mission-critical operations with comprehensive parts management and supply solutions to ensure availability, reliability, and maximum uptime.

Engineering Services: Providing system lifecycle analysis and MRO services, enhanced by connectivity, digitalisation, and data analytics. INNEOVA enables customers to future-proof assets, achieve maximum uptime, and optimise total costs of ownership (TCO).

For more information, visit https://www.inneova.co.

Safe Harbor Statement

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “seeks,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus led with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

Ivy Lee / Jamie Neo
INNEOVA Holdings Limited
Tel: +65 6383 7540
Email: ir@inneova.cos

FAQ

What is the significance of INNEOVA's (NASDAQ:INEO) MoU with HyCee?

The MoU establishes a framework for joint development of hydrogen technologies and infrastructure in Singapore, positioning INNEOVA to enter the clean energy market and support Singapore's Green Plan 2030.

What sectors will INNEOVA (NASDAQ:INEO) target with its hydrogen initiatives?

INNEOVA will target transport, logistics, industrial applications, and commercial enterprises for hydrogen adoption in Singapore.

How will the INNEOVA-HyCee partnership support Singapore's hydrogen infrastructure?

The partnership will focus on developing hydrogen distribution and refueling infrastructure, conducting pilot projects, and providing technical support and maintenance services.

What are the key objectives of INNEOVA's (NASDAQ:INEO) hydrogen partnership?

Key objectives include market expansion, infrastructure development, technology promotion, operational excellence, and conducting pilot projects to demonstrate hydrogen solution viability.

Who are the key executives involved in the INNEOVA-HyCee hydrogen partnership?

Roger Chua, Director of INNEOVA Engineering, and Syed Mubarak, Managing Director of HyCee, are the key executives leading the partnership.