SINGAPORE, Oct. 10, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited ("INNEOVA Holdings" or the "Company") (NASDAQ:INEO), through INNEOVA Engineering, a Singapore-based engineering solutions provider that maximizes equipment uptime, minimizes total ownership costs, and extends asset lifecycles through sustainable practices, today provided investors with an update on its hydrogen energy initiatives following the September 2025 signing of a Memorandum of Understanding with HyCee Pte. Ltd., a joint venture of GuoFu Hydrogen ("Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd")
Since establishing the partnership, INNEOVA Engineering has advanced its strategic positioning as a pathfinder for hydrogen adoption in Singapore, aligning with the nation's ambitious decarbonization roadmap. Singapore's National Hydrogen Strategy, launched in 2022, targets net-zero emissions by 2050, with hydrogen projected to supply up to 50% of the nation's power needs by mid-century. This represents a substantial long-term market opportunity as Singapore develops hydrogen as a key decarbonization pathway for hard-to-electrify sectors including heavy industry, shipping, aviation, and heavy-load mobility.
Strategic Progress and Market Positioning
INNEOVA Engineering is now actively identifying and developing pathfinder projects designed to demonstrate the commercial viability of advanced hydrogen technologies in Singapore. These initiatives will focus on deploying hydrogen-related applications and distribution solutions across target sectors, positioning the Company to capture early-mover advantages in this emerging market.
The partnership with HyCee provides INNEOVA with access to comprehensive hydrogen capabilities spanning the entire value chain, from production and purification to storage, refueling, transportation, and end-use applications. HyCee's technology portfolio includes hydrolysis hydrogen production equipment, liquid hydrogen plant solutions, hydrogen refueling station equipment, and vehicle-mounted hydrogen supply systems.
Diversifying Singapore's Energy Mix
For Singapore, hydrogen represents a critical complement to the nation's diversified energy strategy, working alongside solar power, imported electricity, geothermal energy, and potential future nuclear energy sources. INNEOVA's hydrogen initiatives support this national priority while enabling the Company to deliver sustainable engineering solutions that maximize asset uptime and optimize total cost of ownership for clients adopting alternative energy systems.
"We are committed to supporting our clients' early adoption of hydrogen and other alternative energies," said Roger Chua, Director of INNEOVA Engineering. "Our collaboration with HyCee positions us to deliver the engineering expertise and lifecycle management capabilities needed to ensure reliable, cost-effective hydrogen deployment in Singapore's mission-critical sectors."
The Company will continue to update investors as pathfinder projects advance and commercial opportunities materialize within Singapore's growing hydrogen ecosystem.
About INNEOVA Holdings Ltd.
INNEOVA Holdings (formerly SAG Holdings Limited) is a leading Singapore-based partner delivering solution-driven services for industries where uptime and reliability are mission-critical. By integrating deep engineering expertise, digital capabilities, and sustainable practices, INNEOVA provides solutions that maximize uptime, optimize total cost of ownership, and extend asset Lifecycle across its Parts Services and Engineering Services segments.
Parts Services: Offers comprehensive parts management and supply solutions to support mission-critical operations, ensuring availability, reliability, and maximum uptime.
Engineering Services: Delivers system lifecycle analysis and MRO services, enhanced by connectivity, digitalization, and data analytics. INNEOVA helps customers future-proof assets, achieve maximum uptime, and optimize total cost 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: [email protected]
Ivy Lee / Jamie Neo
INNEOVA Holdings Limited
Tel: +65 6383 7540
Email: [email protected]
