Schneider Electric and EDB to form NaviX Solutions.

Schneider Electric, a manufacturer of electrical power products, and Economic Development Board, government agency for planning and executing strategies to enhance Singapore's position, are set to form NaviX Solutions, a company that manages and uses critical power assets such as medium-voltage switch gears. Financial terms were not disclosed. "Through corporate venturing, Schneider Electric has been able to test new business models in a nimble manner and pursue opportunities that complement their core business. As a corporate venture, NaviX Solutions benefits from a strong entrepreneurial founding team that can drive growth with autonomy and agility, and at the same time, leverage the deep competitive advantages of Schneider Electric in energy management, customer networks and global scale," Choo Heng Tong, EDB Executive VP.