The Client |
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This client is a Singapore-based marine engineering firm with over a decade of operations, offering ship repair, propulsion system overhauls, and engineering services across a wide range of vessel types, including navy ships, oil tankers, FPSOs, and offshore supply vessels. The firm serves renowned international clients such as the British Navy and Vitol, and is the authorized regional distributor for a top global filtration brand.
With a diversified portfolio spanning engineering services, product distribution, and turnkey projects, the company is now undergoing strategic transformation. It is poised to expand its product innovation capabilities, including plans to venture into the Thailand market, aligning with global trends in sustainable marine solutions.
With a diversified portfolio spanning engineering services, product distribution, and turnkey projects, the company is now undergoing strategic transformation. It is poised to expand its product innovation capabilities, including plans to venture into the Thailand market, aligning with global trends in sustainable marine solutions.
How RIC Helped |
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Grant Secured:
RIC supported the client in successfully securing the Enterprise Development Grant (EDG) under the Innovation & Productivity – New Product Development track. The grant awarded over S$200,000 in approved grant funding, covering up to 50% of project costs for the R&D and prototype development of an Integrated Full Electric Propulsion System.
Scope of RIC’s Consulting and Advisory Services:
Engaged in late 2023, RIC worked hand-in-hand with the client to meticulously scope and structure a highly technical project that addresses both regulatory trends and commercial market gaps. Key highlights of our involvement include:
RIC supported the client in successfully securing the Enterprise Development Grant (EDG) under the Innovation & Productivity – New Product Development track. The grant awarded over S$200,000 in approved grant funding, covering up to 50% of project costs for the R&D and prototype development of an Integrated Full Electric Propulsion System.
Scope of RIC’s Consulting and Advisory Services:
Engaged in late 2023, RIC worked hand-in-hand with the client to meticulously scope and structure a highly technical project that addresses both regulatory trends and commercial market gaps. Key highlights of our involvement include:
- Technology Roadmapping: We assisted in framing the technical scope for a fully electric propulsion system—comprising high-performance electric motors, lithium-ion energy storage, proprietary battery management systems (BMS), and intelligent control interfaces.
- Deep Proposal Development: The proposal developed by RIC incorporated competitive benchmarking against global players like ABB and Danfoss, and articulated the client's innovation edge in full system integration, real-time diagnostics, and plug-and-play architecture.
- Vendor Evaluation and Cost Planning: RIC worked with solution providers in advanced simulation (BroadTech), CAD modeling (Autodesk), and component sourcing (K&L Engineering) to detail out component costing, sourcing rationale, and integration sequencing.
- Impact Forecasting: RIC projected revenue growth from S$2.2M to S$9.7M over 3 years, driven by the commercial rollout of the propulsion system, and planned hiring of six new PMETs, including engineers and business development professionals.
- BGP Navigation: RIC managed the end-to-end submission on Singapore’s Business Grants Portal (BGP), ensuring full compliance with cost, milestone, and audit guidelines.
Outcomes |
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With development in progress, the project is expected to deliver multiple strategic outcomes:
RIC continues to provide downstream support on vendor integration, claims processes, and implementation monitoring. Our partnership with the client demonstrates how deep-tech engineering firms can leverage grants to de-risk innovation and drive sustainable transformation.
This case highlights RIC’s capability in bringing complex engineering innovation to life—across scoping, grant strategy, execution planning, and implementation.
- Commercialisation of a Dual-Use Clean Energy System: The system is designed for deployment on harbour craft and land-based industrial applications, tapping into the rapidly growing market for net-zero propulsion solutions.
- Accelerated Market Readiness: The plug-and-play architecture reduces vessel conversion time, a major pain point for fleet operators preparing for 2030 MPA regulations.
- High-Impact Job Creation: The project will fund and onboard three technical hires immediately, with further expansion into roles in data engineering, sales, and customer support by 2026.
- New Revenue Streams: The client will transition from purely service-based revenues to product-based and maintenance subscription models, boosting profitability and market valuation.
- Sustainability Leadership: The innovation directly supports Singapore’s Maritime Decarbonisation Blueprint, positioning the client as an early technology mover in Southeast Asia’s green marine economy.
RIC continues to provide downstream support on vendor integration, claims processes, and implementation monitoring. Our partnership with the client demonstrates how deep-tech engineering firms can leverage grants to de-risk innovation and drive sustainable transformation.
This case highlights RIC’s capability in bringing complex engineering innovation to life—across scoping, grant strategy, execution planning, and implementation.