Vetting Committee supports another application under New Industrialisation Acceleration Scheme
The Innovation and Technology Commission announced today (April 28) that the New Industrialisation Vetting Committee (the Vetting Committee) under the Innovation and Technology Fund has supported in principle an application under the New Industrialisation Acceleration Scheme (NIAS) submitted by Hiharbor Tech HK Limited, a subsidiary of Xiamen Hithium Energy Storage Technology Co., Ltd. The project plan is to set up a production line in the Hong Kong-Shenzhen Innovation and Technology Park producing high-capacity energy storage batteries under the advanced manufacturing technology sector. The estimated total investment amount is over $200 million, and the expected NIAS funding amount will be around $80 million.
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "We are pleased to see the application of Hiharbor Tech HK Limited under the NIAS being supported by the Vetting Committee, which fully reflects the Government's support for enterprises in developing advanced manufacturing industries in Hong Kong. It is the first project supported by the Vetting Committee with a total project cost of less than $300 million since the NIAS application threshold was relaxed in November last year, indicating the effectiveness of the enhancement measures in helping enterprises to develop innovation and technology industries. Moreover, it is also the first time that an enterprise in the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone will set up pilot and smart production lines through funding under the NIAS. With the gradual release of land resources in areas such as the Northern Metropolis and the Hetao Co-operation Zone, more industrial land will be provided. The Government will continue to promote new industrialisation and accelerate the development of new productive forces in Hong Kong, thereby enabling the city to integrate into our country's overall planning of new industrialisation."
The NIAS provides funding support on a 1 (Government): 2(enterprise) matching basis for enterprises engaging in industries of strategic importance (i.e. life and health technology, AI and data science, advanced manufacturing and new energy technologies) and contributing no less than $100 million to set up new smart production facilities in Hong Kong. Each enterprise can receive up to $200 million of funding under the NIAS. In addition, the Government also provides additional funding for relevant enterprises to engage research talent and/or technical personnel.
The NIAS is open for applications throughout the year. Details are available on the website of the Innovation and Technology Fund (www.itf.gov.hk). For enquiries, please contact the Secretariat of the scheme (Tel: 3543 5904; email: enquiry@itf.gov.hk).
Source: AI-found images
