SINGAPORE (June 30): SMRT Corp says its new wholly owned subsidiary, SMRT International, will subscribe to 5,143 new shares in 2getthere Holding (2GT), or 20% of its enlarged share capital, for EUR 4 million (S$6 million).

2GT markets and develops sustainable automated transit networks for personal and group transportation. It also owns proprietary technology and licenses relating to the Free Ranging On Grid technology for personal rapid transit and group rapid transit applications, as well as the design of vehicles.

SMRT says the investment was made in recognition of the potential of 2GT’s unique solution in the automated vehicles (AV) market, and that the group will gain from 2GT’s growth.

2GT is currently 99% owned by  Stichting Administratiekantoor 2 G (STAK), a company incorporated in the Netherlands, and 1% owned by United Technical Services Company (UTS), a general partnership established in the United Arab Emirates. Following the proposed subscription and a conversion of a EUR2 million loan from UTS that will be executed simultaneously, 2GT will be 69% owned by STAK, 20% owned by SMRT International, and 11% owned by UTS.

To be sure, 2GT has already gained traction in Singapore and the Middle East.

2getthere Middle East, a joint venture between UTS and 2getthere, signed a contract earlier in the year to supply a system based on the 3rd generation Group Rapid Transit (GRT) vehicle for an undisclosed project, the company’s second AV system in the Middle East after its Personal Rapid Transit system in Masdar City, Abu Dhabi.

2getthere Asia, a joint venture between SMRT Services and 2getthere which was established in Singapore in April, has also been awarded its first consultancy project for a major Singapore client to assess the feasibility of implementing the GRT system within the client’s premises. The JVCo is also on schedule to trial the first 3rd Generation GRT vehicle in Singapore by year-end.

SMRT shares closed lower at S$1.51 on Thursday.