Tokyo, Japan - January 31, 2023
Yokogawa Electric Corporation (TOKYO: 6841) announces that it has made a US$10 million Series B investment* in Ideation3X Pte. Ltd. (i3X), a Singapore-based venture company that is targeting the rapidly expanding integrated solid waste management (ISWM) sector in India with a process that adopts a circular economy approach. The two companies have also signed a business collaboration agreement. With this investment in the high-growth ISWM field, Yokogawa aims to develop its business in the Indian market.
Founded in 2017, i3X has been backed since its inception by Unison Capital Group, a Japanese private equity firm. i3X possesses unique know-how in the ISWM field, such as technology for producing high-quality alternative fuels from waste. In addition, due to Unison Capital’s support, the company’s ESG management has been highly evaluated and is one of the factors for it being entrusted with waste treatment projects in three Indian cities, including New Delhi.
In India, the Modi government is promoting the Clean India Mission to improve the environment in cities throughout the country. One of its goals is to hygienically treat all the waste in the approximately 3,000 landfills that currently exist across the country by 2030, and at the same time establish a waste disposal model based on circular economy principles. This initiative is attracting a lot of attention due to the immense social impact that it can have and its importance in countering global warming. As it is rolled out, it is expected to generate demand not only for conventional waste disposal facilities, but also plants that produce alternative fuels from waste and small-scale thermal power plants that generate electricity from these alternative fuels.
Yokogawa established a local subsidiary in the Indian market in 1987 and has since been delivering control systems for plants in the energy industry, monitoring systems for water supply and wastewater networks, and other industrial products and solutions. The company also has significant experience in providing control systems for waste-to-energy plants around the world. Through this investment in i3X, Yokogawa will be able to contribute to the formation of a circular economy based ISWM framework that is appropriate for the Indian market, and make full use of its measurement and control technologies to support the achievement of the Clean India Mission. While providing technical support for the development of i3X's business, Yokogawa will also look to expand its engagement in this sector by undertaking the formation of a consortium with related organizations and companies.
Tsuyoshi Abe, a Yokogawa senior vice president and head of the Marketing Headquarters, commented, “Yokogawa has been investing strategically to develop business opportunities in the growing Indian market. This investment enables us to bring together Ideation3X's knowhow, the ecosystem that will form around its business, and Yokogawa's technology and experience. I feel confident that we will be able to expand our business while helping to address one of India's most serious social issues. According to the United Nations and other sources, the world population continues to increase at a rate of 140 people per minute. In addition, the average life expectancy is getting longer, and we must be prepared for the increased burden on the global environmental as we approach the age of 10 billion people and 100-year lifespans. By utilizing our ability to measure and connect, we aim to fulfill our responsibilities for the future of our planet.”
* An investment round following the Series A round for start-up companies. In contrast to Series A, which focuses on development of the product, the main objective of Series B is to develop a successful business.
Outline of Ideation3X Pte. Ltd.
Headquarters: Singapore
Established: 2017
Chairman and Founder: Dr. Manoj Jain
Employees: Approx. 200
Business description: Alternative fuel production from waste; circular economy-based waste treatment
Website URL: https://ideation3x.com/
About Yokogawa
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.
Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 122 companies spanning 61 countries. For more information, visit www.yokogawa.com
The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.
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