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SINGAPORE - INNEOVA Holdings Limited (NASDAQ:INEO), a $14.86 million market cap company with annual revenues of $61.2 million, announced Tuesday it has signed a Strategic Cooperation Agreement with HyCee Pte. Ltd., a joint venture of GuoFu Hydrogen, to advance hydrogen technology deployment in Singapore.
The agreement builds upon a Memorandum of Understanding signed in September 2025 and focuses on establishing a Hydrogen Pathfinder Pilot project aligned with Singapore’s National Hydrogen Strategy, which aims for net-zero emissions by 2050. The announcement comes as INNEOVA’s stock has experienced significant volatility, with a year-to-date decline of 68%. (InvestingPro data shows 7 more key insights about INEO’s market performance.)
Under the agreement, INNEOVA Engineering will become the exclusive distributor in Singapore for up to 20 hydrogen-powered heavy-duty vehicles that will be designed and manufactured by an OEM designated by HyCee and GuoFu Hydrogen.
The collaboration encompasses supporting the hydrogen ecosystem, certification and road licensing for hydrogen-powered vehicles, and fleet management cooperation. HyCee will establish hydrogen refueling services for the fleet, while INNEOVA will provide maintenance and operational support.
"One way INNEOVA can enhance hydrogen adoption is by leveraging nearly commercially ready hydrogen power generation technologies through pathfinder projects," said Roger Chua, Director of INNEOVA Engineering.
Syed Mubarak, Managing Director of HyCee, stated, "This collaboration reflects our shared commitment to advancing the hydrogen ecosystem."
The partnership targets hard-to-electrify sectors including heavy industry, shipping, and mobility, with the aim of demonstrating commercial viability of hydrogen technologies in Singapore.
INNEOVA Holdings, formerly known as SAG Holdings Limited, provides engineering solutions focused on maximizing equipment uptime and extending asset lifecycles through its Parts Services and Engineering Services segments.
This information is based on a company press release statement.
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. This growth was primarily attributed to the acquisition of the INNEOVA Engineering Division, which contributed approximately $2.7 million. Additionally, INNEOVA Holdings is making strides in hydrogen energy initiatives in Singapore through a partnership with HyCee Pte. Ltd., established in September 2025. This collaboration aims to develop projects demonstrating the commercial viability of hydrogen technologies, aligning with Singapore’s National Hydrogen Strategy for net-zero emissions by 2050. INNEOVA Engineering, a subsidiary of INNEOVA Holdings, has also signed a non-binding Memorandum of Understanding with HyCee to advance hydrogen adoption in transport, logistics, industrial applications, and commercial enterprises. These efforts are in support of Singapore’s Green Plan 2030, which focuses on carbon reduction and sustainable development.
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