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SINGAPORE - INNEOVA Holdings Limited (NASDAQ:INEO), a $15.5 million market cap company whose stock has declined over 85% in the past year, is progressing with its hydrogen energy initiatives following the establishment of a partnership with HyCee Pte. Ltd. in September 2025, according to a company press release issued Friday. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 7 additional key insights available to subscribers.
The Singapore-based engineering solutions provider, which generated $61.2 million in revenue with 8.5% growth in the last twelve months, is working to identify and develop pathfinder projects aimed at demonstrating the commercial viability of hydrogen technologies in Singapore, aligning with the nation’s National Hydrogen Strategy that targets net-zero emissions by 2050.
Singapore’s strategy, launched in 2022, envisions hydrogen supplying up to 50% of the country’s power needs by mid-century, particularly for sectors that are difficult to electrify such as heavy industry, shipping, aviation, and heavy-load mobility.
Through its partnership with HyCee, a joint venture of GuoFu Hydrogen (Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd), INNEOVA gains access to hydrogen capabilities across the value chain, including production, purification, storage, refueling, transportation, and end-use applications.
"We are committed to supporting our clients’ early adoption of hydrogen and other alternative energies," said Roger Chua, Director of INNEOVA Engineering, in the statement.
The company’s hydrogen initiatives are positioned as complementary to Singapore’s broader energy diversification strategy, which includes solar power, imported electricity, geothermal energy, and potential future nuclear energy sources.
INNEOVA Holdings, formerly known as SAG Holdings Limited, provides engineering services and parts management solutions focused on maximizing equipment uptime and optimizing total ownership costs for clients in mission-critical industries. Despite its strategic initiatives, InvestingPro data shows the company maintains a weak financial health score of 1.63, highlighting the importance of thorough due diligence. Unlock comprehensive financial analysis and real-time alerts with an InvestingPro subscription.
In other recent news, INNEOVA Holdings Limited reported a 10.3% increase in revenue for the first half of 2025, reaching $30.8 million compared to $27.9 million in the same period last year. The revenue growth was largely driven by the acquisition of INNEOVA Engineering Division, contributing approximately $2.7 million. Additionally, INNEOVA Engineering, a subsidiary of INNEOVA Holdings, has entered into a non-binding Memorandum of Understanding with HyCee Pte. Ltd. This partnership focuses on deploying hydrogen technology in Singapore, aligning with the nation’s Green Plan 2030 for carbon reduction and sustainable development. These developments reflect INNEOVA’s strategic moves in expanding its revenue base and enhancing its technological capabilities.
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