From winning Prince William’s Earthshot prize to reviving corals in Abu Dhabi, Hong Kong start-ups add gloss to city’s greentech hub ambitions

Over 200 greentech companies currently operate in Hong Kong, and some of them are equipped with ‘globally competitive’ technologies, Paul Chan said in his budget speech last month

When it comes to developing greentech, Hong Kong will have an advantage in industries where it has global leadership: former under secretary for the environment

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If you have a good idea, don’t hesitate, says GRST co-founder and CEO Justin Hung Yuen. Photo: Xiaomei Chen

Published: 10:00am, 17 Mar 2024

Since Financial Secretary Paul Chan Mo-po’s declaration in his budget speech a year ago of Hong Kong’s ambitions of becoming a regional greentech hub and creating a new post-pandemic economic pillar, early successes at several start-ups have raised hopes that it might not be a far-fetched dream.

More than 200 greentech companies currently operate in the city, of which some are equipped with “globally competitive” technologies and are making inroads into the mainland Chinese and overseas markets, Chan said last month in his 2024 budget speech.

One of the more prominent success stories is GRST. CEO and co-founder Justin Hung Yuen, an eco-friendly chemicals entrepreneur, established the venture in 2015 to pilot water-based methods for producing and recycling batteries that remove the need for toxic solvents and binders required in conventional products.

Having started commercial production in April last year, Hung estimated that its maiden factory in Zhejiang province might have generated sales of about US$8 million last year, mainly from batteries for electric bikes.

The firm, which is based in Hong Kong Science and Technology Parks (HKSTP), last November became the first company from Hong Kong or China to win Prince William’s Earthshot Prize. The prize supports the scaling up of the most innovative solutions to the world’s biggest environmental challenges with a £1 million (US$1.2 million) cash award.

More than 100 greentech ventures are now supported by HKSTP, according to Barry Kwong, its director of sustainability.