Finland-headed oil refiner and renewable products major Neste Oyj has held an inauguration ceremony marking the official opening of its new APAC Innovation Center in Singapore as part of its bid to strengthen its innovation and R&D capabilities globally.
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Asia has become an important market area for Neste and the new center provides good support to the company’s growth journey in the Asia-Pacific region.
The APAC Innovation Center is located in Science Park II in the western part of Singapore and has hired more than 20 researchers and professionals, so far.
Innovation has enabled our transformation from a regional oil refiner toward global leadership in renewable and circular solutions. We are delighted to open the APAC Innovation Center, which creates a framework for world-class raw material research also in the Asia-Pacific and supports our growth in the region, driven by our expanding renewable products refinery in Singapore, start-up of which will take place by the end of the first quarter 2023. And equally important, the Innovation Center drives collaboration with our network in the Asia-Pacific region including academia, research institutions as well as industry players, said Lars Peter Lindfors, EVP of Innovation at Neste.
The APAC Innovation Center with state-of-the-art laboratory equipment and advanced analytical and raw material research capabilities focuses on research around raw materials and the pretreatment processes.
We congratulate Neste on the opening of its APAC Innovation Center. This will drive closer collaboration with its regional partners to unlock new possibilities for renewable fuels and chemicals. The project will also contribute to Singapore’s efforts to grow as a hub for sustainable products and innovation in decarbonization technologies. We are delighted to support Neste’s continued efforts in developing and delivering sustainability solutions from Singapore for the world and welcome other like-minded players to do the same, said Dr Beh Swan Gin, Chairman of the Singapore Economic Development Board.
Global innovation network
The new center is an excellent complement to Neste’s global innovation work which is about exploring new business opportunities around scalable future raw materials and related technologies.
Approximately 25 percent of the company’s personnel work with innovative research, product development, and engineering.
In 2022, Neste’s R&D expenditure was EUR 85 million, of which the majority is invested in innovation, research, development, and testing of future raw materials and technologies enabling their use.
Over the past decade, there have been more than 2 000 renewable raw material samples examined at Neste and by 2022, the company has been granted some 2,000 patents.
The Technology Center in Porvoo, Finland carries out research, development, and engineering work. This Innovation powerhouse employs more than 1 000 professionals, and it continues to serve as a vital cornerstone for Neste, focusing on the whole value chain from raw materials to end products.
