HSBC Singapore extends S$6m green loan to Durapower Group

Durapower will use the loan for its lithium-ion energy storage solutions.

HSBC Singapore has extended a S$6m green trade loan to Durapower Group, reportedly making it the first participating financial institution to issue a loan by leveraging the Enterprise Financing Scheme - Green (EFS Green Scheme).

Durapower plans to use the proceeds to accelerate its development and distribution of high-tech energy storage solutions using lithium-ion batteries for the Tuas Mega Port’s Automated Guided Vehicle fleet.

“This will enable Durapower to accelerate the supply and deployment of our advanced lithium-ion batteries for the Tuas Mega Port’s AGV fleet, thereby supporting Singapore’s maritime sector to create a greener port through the adoption of sustainable, smart and efficient clean energy solutions,” said CEO Kelvin Lim of Durapower.

Launched on 3 October by Enterprise Singapore, the EFS-Green Scheme aims to provide easier access to finance for corporates who are enablers of the transition to a greener economy.