US$1 Million Prize by Towngas for Smart Energy Technology Proposals

HONG KONG, June 22, 2021 /PRNewswire/ -- The Hong Kong and China Gas Company Limited (Towngas) (0003.HK) and State Power Investment Corporation Limited (SPIC) are co-hosting the first global innovation competition, TERA-Award, with US$1 millionas top prize and potential application scenarios for winning projects. The two parties held a cloud launch ceremony in Beijing and Hong Kong under the theme of "Exploring zero-carbon innovations for the future".

TERA-Award aims to recruit projects from start-ups around the world to help address global environmental issues, and attain China's dual carbon goals to achieve carbon neutrality by 2060.

Dr Lee Ka-kit, Member of the Standing Committee of the 13^th National Committee of the Chinese People's Political Consultative Conference, Vice Chairman of the All-China Federation of Industry and Commerce, and Chairman of Henderson Land Group and Towngas remarked, "The dual carbon goals of carbon peaking and carbon neutrality are among the country's key strategies. The advancement and innovation of energy technology drive the energy revolution and transformation and advance the dual carbon goals. It is the duty of energy corporations to aid in the complex, enormous systematic work behind carbon peaking and carbon neutrality. This competition offers a significant monetary prize and, more importantly, an open platform for start-ups to connect supply with demand by providing application scenarios that power the rapid realisation of smart energy and innovative technology."

Focused on energy supply, energy demand, green transportation and the energy internet, TERA-Award encourages global start-ups and project teams to submit original technology and patents for judging by a panel comprising experts from Towngas, SPIC Central Research Institute, Greater Bay Area Homeland Investments Limited, Chinese Academy of Sciences, Tsinghua University and The University of Hong Kong.

Mr Qian Zhimin, Chairman of SPIC, stated, "China's fossil energy makes up about 84% of its energy consumption. The challenging goal of carbon neutrality is a visionary cause that requires the synergy of technology, the system and the institution. SPIC and Towngas are sharing platforms, application scenarios, resources and funding with winning teams to advance the dual carbon goals, promote innovative growth and drive the R&D of new technology to propel the development and application of advanced smart energy technology."

Applications are accepted until31 August 2021at www.tera-award.life, with an online briefing session on 29 June 2021.

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SOURCE The Hong Kong and China Gas Company Limited