Japanese IT company Yokogawa Electric has made a US$10m investment in Ideation3X (i3X), a Singapore-based venture company that targets the 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 by Unison Capital Group, a Japanese private equity firm. i3X possesses know-how in the ISWM field, such as technology for producing alternative fuels from waste. In addition, the company’s ESG management 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 3,000 landfills that currently exist across the country by 2030, and simultaneously establish a waste disposal model based on circular economy principles. This initiative has attracted attention due to its importance in countering global warming. As it is rolled out, it is expected to generate demand for conventional waste disposal facilities, plants that produce alternative fuels from waste and small-scale thermal power plants that generate electricity from these alternative fuels.
Yokogawa has established a local subsidiary in the Indian market in 1987 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 experience in providing control systems for waste-to-energy plants around the world.
By investing in i3X, Yokogawa will contribute to the formation of a circular-economy-based ISWM framework for the Indian market, and make use of its measurement and control technologies to support 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 organisations and companies.
Tsuyoshi Abe, Yokogawa senior vice-president and head of marketing headquarters, said, “Yokogawa has been investing 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. According to the UN, the world population continues to increase at a rate of 140 people per minute. 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 utilising our ability to measure and connect, we aim to fulfil our responsibilities for the future of our planet.”