INNEOVA Advances Hydrogen Strategy

SINGAPORE, Oct. 10, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (“INNEOVA Holdings” or the “Company”) (Nasdaq: INEO), through INNEOVA Engineering, a Singapore-based engineering solutions provider that maximizes equipment uptime, minimizes total ownership costs, and extends asset lifecycles through sustainable practices, today provided investors with an update on its hydrogen energy initiatives following the September 2025 signing of a Memorandum of Understanding with HyCee Pte. Ltd., a joint venture of GuoFu Hydrogen (“Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd”)

Since establishing the partnership, INNEOVA Engineering has advanced its strategic positioning as a pathfinder for hydrogen adoption in Singapore, aligning with the nation's ambitious decarbonization roadmap. Singapore's National Hydrogen Strategy, launched in 2022, targets net-zero emissions by 2050, with hydrogen projected to supply up to 50% of the nation's power needs by mid-century. This represents a substantial long-term market opportunity as Singapore develops hydrogen as a key decarbonization pathway for hard-to-electrify sectors including heavy industry, shipping, aviation, and heavy-load mobility.

Strategic Progress and Market Positioning
INNEOVA Engineering is now actively identifying and developing pathfinder projects designed to demonstrate the commercial viability of advanced hydrogen technologies in Singapore. These initiatives will focus on deploying hydrogen-related applications and distribution solutions across target sectors, positioning the Company to capture early-mover advantages in this emerging market.

The partnership with HyCee provides INNEOVA with access to comprehensive hydrogen capabilities spanning the entire value chain, from production and purification to storage, refueling, transportation, and end-use applications. HyCee's technology portfolio includes hydrolysis hydrogen production equipment, liquid hydrogen plant solutions, hydrogen refueling station equipment, and vehicle-mounted hydrogen supply systems.

Diversifying Singapore's Energy Mix
For Singapore, hydrogen represents a critical complement to the nation's diversified energy strategy, working alongside solar power, imported electricity, geothermal energy, and potential future nuclear energy sources. INNEOVA's hydrogen initiatives support this national priority while enabling the Company to deliver sustainable engineering solutions that maximize asset uptime and optimize total cost of ownership for clients adopting alternative energy systems.