MAINBOARD-LISTED Keppel and Pan-United Corporation on Thursday (Jan 11) inked a memorandum of understanding (MOU) with industry leaders to jointly develop and commercialise low-carbon technologies.

The industry leaders are Chevron Singapore, Surbana Jurong, Air Liquide Singapore, Osaka Gas Singapore and Pavilion Energy. Together with Keppel and Pan-United, they make up the Low-Carbon Technology Industry Consortium (LCT-IC).

The group will accelerate the development of cost-effective carbon capture, utilisation and sequestration (CCUS), as well as the production, transportation, distribution and utilisation of lower-carbon hydrogen and its derivatives at scale, the parties said in a statement. The aim is to commercialise new lower-carbon technology pathways in Singapore, they added, to help Singapore achieve its target of net-zero emissions by 2050.

The MOU is an extension of a previous one signed in July 2020, which also aimed to develop integrated and energy-efficient CCUS systems for Singapore.

Under the later MOU, LCT-IC members will seek to partner, exchange ideas, share technical insights and develop lower-carbon research, development and demonstration guided by a framework. Air Liquide Singapore, Osaka Gas Singapore, and Pavilion Energy are new members in the group.

First, the group will develop research and development (R&D) projects on lower-carbon energy technology solutions, together with institutes of higher learning and research institutes. Second, it will partner technology scale-up platforms to move lab-scale research and technologies of lower-technology readiness levels to test beds. Third, the consortium will establish scalable industrial solutions to advance lower-carbon value chains, including first-of-its kind, pre-commercialisation demonstration projects.

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Frederick Chew, chief executive officer of the Agency for Science, Technology and Research (A*Star) and guest of honour at the MOU signing ceremony, said: “It is heartening to see the scope of this collaboration being broadened, as innovation through R&D will be crucial in tackling common problem statements and barriers to adoption.”

Shares of Keppel closed at S$6.95, down S$0.01 or 0.1 per cent on Thursday, before the announcement. Shares of Pan-United closed at S$0.385, up S$0.005 or 1.3 per cent.