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ES Group, Heatec to Develop Heating/Cooling System

May 30, 2014

ES Group Holdings Limited and Heatec Jietong Holdings Ltd – both listed on the SGX Catalist– announced that they will team up with a heat transfer expert to develop a new heating and cooling system for marine and other industries.

ES Energy Pte Ltd and Heatec Jietong Pte Ltd – wholly-owned subsidiaries of ES Group and Heatec, respectively – have teamed up with Stuart Edmund Cox with respect to Karnot Technology Pte Ltd (KTPL), a joint venture which will develop solutions based on the unique properties of trans-critical carbon dioxide (“CO2”). ES Energy, Heatec Jietong and Mr. Cox will own 20%, 20% and 60% respectively in KTPL immediately after the subscription.

Cox, a British national with a long track record in process engineering and heat transfer industry, is the founder of Single Fluid Technology Pte Ltd, which is developing and patenting a new range of CO2-based heating and cooling system in Singapore. The joint venture partners recognise the increasing importance attached to green technology globally and believe that the solutions and products they will jointly develop will help lower carbon footprint as well as operating costs for various sectors, including the offshore and marine industry. Both ES Group and Heatec have committed a total of S$450,000 each – to be funded by their internal resources – in the form of equity and shareholder’s loan to KTPL upon fulfilment of various milestones. Heatec is one of the leading providers of piping and heat exchanger specialists in Singapore serving the marine and oil and gas industries.

Christopher Low, ES Group’s Chief Executive Officer, said, “This collaboration is a win-win strategy combining resources, industry experience, network and expertise in a cutting-edge green technology that will usher opportunities with attractive returns at a time of growing consciousness of the environment.”

Johnny Soon, Heatec Group’s Chairman and Chief Executive Officer, said, “The technology is revolutionary and we are very excited to be part of this green movement that will help the industries to save tremendous amount of energy in their processes.”

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