King Wan and Evercomm enter joint venture for green building upgrading services

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King Wan Corp. and Evercomm Singapore have entered a joint venture, to be called King Wan Eco Solutions (KWES) to offer services in upgrading and retrofitting buildings for better sustainability, the Singapore-listed company said in a filing to SGX.

KWES is expected to combine building services company King Wan’s expertise in mechanical and electrical engineering, with Evercomm’s specialisation in energy artificial intelligence (AI) services and energy management, King Wan said in the statement.

The joint venture is aimed at supporting the Singapore Green Plan 2030, which targets an “energy reset” for greener infrastructure and buildings with 80-80-80 by 2030 targets of greening 80 percent of buildings by gross floor area, having 80 percent of new developments be super lower energy (SLE) buildings, and reaching an 80 percent improvement in energy efficiency over 2005 levels for best-in-class green buildings, the filing said.

“As a sustainability movement, the Green Plan is set to strengthen the nation’s commitments under the United Nations’ 2030 Sustainable Development Agenda and Paris Agreement, and seeks to rally bold and collective action to tackle climate change,” the statement said.

In addition, the latest edition of the Singapore Green Building Masterplan will require buildings to meet higher minimum energy performance requirements from 1 December, the filing said.

KWES will provide retrofitting and upgrading services, and system integration services for buildings and facilities in Singapore, the filing said. The joint venture will use AI and Internet of Things (IoT) networks to design energy optimisation services for building owners, allowing them to reduce their operating costs and carbon footprints, the filing said.