INDONESIAN coal producer Golden Energy and Resources launched its inaugural innovation centre, Gear Innovation Network , in Singapore on Monday.
The centre, located at mainboard-listed Gear's corporate headquarters, will test drive new concepts to"co-create technology-driven solutions" that can"reduce the financial and operational risks inherent in capital expenditure-intensive industries", the company said. Over the next three years, Gear is looking to grow the innovation team to include innovation scouts, product managers, research scientists and engineers.
“This chronic under-investment is the result of the cyclical nature of these sectors, coupled with the low profit margins for contractors. However, many have yet to appreciate that technology can play a significant role in improving profitability and decreasing business risk,” noted Mr Sridhar.