INNEOVA Advances Hydrogen Pathfinder Pilot Through Strategic Cooperation Agreement

SINGAPORE, Oct. 14, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (“INNEOVA Holdings” or the “Company”) (Nasdaq: INEO), a Singapore-based engineering solutions provider that maximizes equipment uptime, minimizes total ownership costs, and extends asset lifecycles through sustainable engineering, through its subsidiary INNEOVA Engineering Pte. Ltd. (“INNEOVA Engineering”), today announced the signing of a Strategic Cooperation Agreement (“SCA”) with HyCee Pte. Ltd. (“HyCee”), a joint venture of GuoFu Hydrogen (“Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd.”). This agreement builds on the September 2025 Memorandum of Understanding and advances the deployment of a Hydrogen Pathfinder Pilot in Singapore, reinforcing INNEOVA's role in the nation's decarbonization efforts.

This collaboration aligns with Singapore's National Hydrogen Strategy, launched in 2022, which aims for net-zero emissions by 2050 and positions hydrogen to supply up to 50% of the nation's power needs by mid-century. By focusing on practical applications in hard-to-electrify sectors such as heavy industry, shipping, and mobility, the pilot will demonstrate the commercial viability of hydrogen technologies and support the diversification of Singapore's energy mix alongside solar, imported electricity, geothermal, and potential future nuclear sources.

Key Elements of the Strategic Cooperation Agreement

Under the SCA, INNEOVA Engineering and HyCee will leverage their complementary strengths to industrialize hydrogen energy technologies and promote low-carbon economic development in alignment with global "Dual Carbon" goals. The partnership encompasses the following initiatives:

1) Supporting the Hydrogen Ecosystem;
2) Certification and road licensing for hydrogen-powered vehicles in Singapore;
3) In-depth collaboration on fleet management for hydrogen-powered vehicles.

HyCee and GuoFu Hydrogen will designate a leading original equipment manufacturer (OEM) to design, develop, and manufacture up to 20 hydrogen-powered heavy-duty vehicles. Following the attainment of all relevant standards approvals, INNEOVA Engineering will serve as the exclusive distributor for these vehicles in Singapore. HyCee will establish and provide hydrogen refueling services for the fleet, supported by GuoFu Hydrogen's technical expertise and training for INNEOVA Engineering's service team at HyCee's premises.