The Innovation for Environmental Sustainability (IES) Fund targets Singapore-registered companies seeking to undertake innovative environmental projects, including those in the renewable energy sector. The Fund provides grants of up to a maximum SGD 2 million, using a three-tiered funding structure. Full funding is provided for projects that produce final technologies and/or products that could be directly employed by the Ministry, and for which the Ministry has the intellectual property rights. Partial funding, up to 50% of qualifying costs, is provided to projects that aim at the development of environmental technologies and/or products that would have industry-wide benefits/ applications. Finally, funding for up to 50% of qualifying costs for manpower and 30% for other costs is provided to projects that aim at improving the environmental performance of a particular company. Besides manpower costs, qualifying costs cover equipment and materials, professional services and intellectual property rights. Projects can last a maximum of three years, and must submit reports and audited statements every six months, an annual project review, and a final report within six months of the project?s completion or termination.