Oklo stock tumbles as Financial Times scrutinizes valuation
SINGAPORE - INNEOVA Engineering Pte. Ltd., a subsidiary of NASDAQ-listed INNEOVA Holdings Limited (NASDAQ:INEO), has signed a non-binding Memorandum of Understanding with HyCee Pte. Ltd. to collaborate on hydrogen technology deployment in Singapore, according to a press release issued Thursday. The micro-cap company, currently valued at $15.3 million, has seen its stock decline by 67.2% year-to-date, according to InvestingPro data, which also indicates the stock is trading above its Fair Value.
The partnership aims to advance hydrogen adoption across transport, logistics, industrial applications, and commercial enterprises in support of Singapore’s Green Plan 2030, which targets carbon reduction and sustainable development. INNEOVA, which generates annual revenue of $58.33 million with a modest gross profit margin of 18.73%, maintains a FAIR overall financial health score according to InvestingPro analysis (Unlock 8 more key ProTips and detailed financial metrics with an InvestingPro subscription).
The collaboration will focus on five key areas: expanding hydrogen market adoption, developing distribution infrastructure, promoting hydrogen technologies to stakeholders, providing after-sales service and maintenance, and conducting feasibility studies and pilot programs.
"This strategic collaboration with HyCee strengthens our ability to deliver innovative, sustainable solutions that align with global decarbonization trends," said Roger Chua, Director of INNEOVA Engineering, in the statement.
HyCee, a joint venture of GuoFu Hydrogen, specializes in hydrogen energy generation, purification, storage, refueling, and transportation solutions. The company will contribute its hydrogen expertise while INNEOVA brings engineering capabilities and lifecycle management experience to the partnership.
Syed Mubarak, Managing Director of HyCee, stated that the collaboration would "accelerate the deployment of hydrogen solutions tailored to Singapore’s market needs."
INNEOVA Holdings, formerly known as SAG Holdings Limited, focuses on maximizing uptime and extending asset longevity through sustainable engineering across various industries where reliability is critical.
The partnership represents an effort to capitalize on growing demand for clean energy solutions as Singapore pursues its environmental goals, though specific financial terms or project timelines were not disclosed in the announcement. InvestingPro data reveals the company maintains a current ratio of 1.29, suggesting adequate liquidity to support its expansion plans in the clean energy sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.