Signing of Investment Agreement with Sutong Science & Technology Park, Nantong, China
On the 18th of November, Hann-Ocean Energy signed a two-year strategic investment agreement with the representatives of Sutong Science & Technology Park (STP). This action determined the orientation of future development and ambition in China.
As the first Singapore enterprise entering STP, Hann-Ocean Energy has been rewarded with positive incentives and supports from local government agencies to encourage foreign investments and expanding technology development in Nantong. This cooperation enabled a new milestone of Hann-Ocean Energy to expand and develop towards the global market. It will as well benefit the local employment and development of renewable energy in China, which will help to reduce the pressure by the high electricity demands through a cost-effective, high efficient and reliable eco-friendly energy solution. On the other hand, Nantong has the advantages of having local talents in marina and shipbuilding industries with positive potentials.
As an important milestone of this strategic investment in China, Hann-Ocean is promised to invest a total of S$1.8 million in Nantong. The R&D centre and the manufacturing facility for ocean energy equipments are expected to be set up in March, 2015.