Global energy companies ConocoPhillips, Shell, ExxonMobil, and Chevron, some of which make lubricant products under brands like Texaco and Mobil, have partnered with Enterprise Singapore in calling for startups to come up with solutions to address important challenges in the energy sector.
As part of the Energy Open Innovation Challenge, small and medium-sized businesses (SMBs) will be asked to respond to 19 challenge statements related to areas such as work flow, robotics, asset management, and sustainability. They will be offered the opportunity to pitch their proposed solutions, with successful applicants then being able to develop and test their solutions alongside the participating energy giants.
The involved parties said in a joint statement that the coronavirus pandemic had affected the energy industry due to a drop in a demand and led it to consider more remote working practices. Energy producers therefore need to manage their assets more efficiently and adopt new technologies to minimise manual tasks.
Ted Tan, the deputy CEO of Enterprise Singapore, said:
“The COVID-19 pandemic has underscored the importance of innovation in the energy sector and the value of enterprises coming together to solve industry challenges. The [initiative] provides a common platform to facilitate opportunities for SMBs and startups to trial their solutions and build track record with these established energy companies.”
SMBs and startups that are interested in applying can do so until November 6, with successful applicants being invited to develop and test their solutions at the energy companies’ Singapore sites and global offices.