Approval of 42nd Green Transport Technology Trials Includes $0.75M Subsidy for Mobile Medical Clinic Vehicle

42nd batch of applications approved for trials of green transport technologies and launch of Trial of Hydrogen Fuel Cell Heavy Vehicles under New Energy Transport Fund

​The Environment and Ecology Bureau today (December 19) announced its approval of the 42nd batch of applications for trials of green transport technologies under the New Energy Transport Fund.

The Steering Committee of the Fund has adopted a merit-based approach to assess applications for funding with a view to making the best use of the Fund and taking into account factors including the latest technology developments. One application has been approved in this batch (Note) for the trial of an electric special-purpose vehicle as a mobile medical clinic, involving a total subsidy of $0.75 million.

The latest approval brings the total number of trials approved under the Fund to 300, with a total subsidy of about $243 million. As at end-November 2024, a total of 210 approved trials under the Fund have been completed. Trial reports have been uploaded to the Fund's website (www.eeb.gov.hk/en/new-energy-transport-fund/AT.html#Trial_Reports).

The technology of electric vehicles and batteries is becoming more mature and has been widely used in Mainland China and overseas cities. With the subsidy from the Fund, around 140 trials of electric commercial vehicles have been completed, with around 90 trials either set to commence soon or already commenced. The feasibility of local adoption of electric commercial vehicles has been fully verified through applications. To allow the Fund to focus on subsidising new energy technologies with a more pressing need for trials in the local context in future, the Steering Committee confirmed after discussion that the Fund will cease to accept applications for trials of all types of electric commercial vehicles from April 1, 2025. Applications received before that date will continue to be assessed using the merit-based approach.

Except for electric commercial vehicles, the Fund will continue to accept applications for trials of other types of new energy commercial vehicles to expedite the green transformation of the transport trade. The Fund has also launched the Funding Scheme to Trial of Hydrogen Fuel Cell Heavy Vehicles, which is open for applications from today. For more details, please visit the website of the scheme (www.eeb.gov.hk/en/Netfund/h2trial.html).

The Government put in place the Fund in March 2011 to subsidise the testing and encourage wider use of green transport technologies for a variety of commercial transport tools, including goods vehicles (including special-purpose vehicles), taxis, light buses, buses, vessels, motorcycles, non-road vehicles (applicable to vehicle models approved by the Transport Department or the Airport Authority Hong Kong), or the aforesaid transport tools of charitable/non-profit making organisations providing services to their clients. The technologies to be subsidised include new energy vehicles or vessels, conversion of in-use conventional vehicles or vessels to new energy vehicles or vessels, and after-treatment emission reduction devices or fuel-saving devices applicable to vehicles and vessels. Transport operators and charitable/non-profit making organisations may apply for trying out different green technology products subject to a maximum subsidy of $10 million for each application and a total of $12 million for each applicant.

For more information on the Fund and the approved applications, please visit the website of the Fund (www.eeb.gov.hk/en/new-energy-transport-fund/new-energy-transport-fund.html) or call the enquiry hotline on 2824 0022.

Note: One electric special-purpose vehicle for Chinese medicine mobile clinic service by Pok Oi Hospital.

Innovation and Technology Venture Fund enhanced scheme invites applications as fund managers

The Innovation and Technology Commission today (December 19) launchedthe Innovation and Technology Venture Fund (ITVF) enhanced scheme and invites applications as fund managers for the scheme. The deadline for application will be March 19, 2025.

"Under the ITVF enhanced scheme, the Government will redeploy at most $1.5billion to set up funds jointly with the market, on a matching basis, to invest in start‑ups of strategic industries. We believe that through the integration of capital raised from the market, it will empower start-ups with more financing support, and help enrich the local innovation and technology (I&T) ecosystem," a spokesman for the Commission said.

The ITVF enhanced scheme will select professional fund managers to invest in start-ups of strategic industries, namely (a) artificial intelligence and data science, (b) life and health technology, and (c) advanced manufacturing and new energy. The Government, as one of the Limited Partners of the funds, will commit one dollar into the funds for every three dollars of investment raised by the fund managers on a matching basis, with the Government's contribution ranging from $150 million to $250 million for each fund. Each of the selected fund managers shall act as a General Partner and are responsible for setting up limited partnership funds in Hong Kong, with a minimum fund size of $600 million (including the Government's contribution), raising non-Government capital of not less than $450 million for the fund, managing the day-to-day operations of the fund, investing in target start-ups in accordance with the investment mandate, providing support to the investee start-ups and producing regular reports. The Commission will base on the assessment criteria including the fund manager applicant's background, management team's resources, investment strategy and processes, investment performance, its industry network and support in and beyond Hong Kong as well as fees, together with the advice of the ITVF Advisory Committee, to select fund managers.

Details of the application are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp). For enquiries, please contact the ITVF Secretariat (Tel: 3855 7723; email: itvf-enquiry@itc.gov.hk).

To date, the ITVF has invested over $330 million in 40 local I&T start-ups and attracted over $3.1 billion of private investment at an investment ratio of approximately 1:9. The business areas of these start-ups include supply chain management, e-commerce, financial technology, biotechnology and artificial intelligence.