Petronas Ventures in solar PV system start-up for homes, SMEs


Head of Petronas Ventures Mohd Azli Ishak said: “We believe that this investment will complement Petronas’ new energy business growth in the solar market, as the SOLS Energy team has the passion and determination to propel the sustainable industry.”

KUALA LUMPUR: Petronas Ventures has teamed up with SOLS Energy Sdn Bhd to invest in the solar photovoltaic (PV) system start-up focusing on residential and small-to-medium enterprise (SME) sectors in Malaysia.

Petroliam Nasional Bhd said on Friday the start-up will provide sustainable energy for these sectors. The transaction is expected to be completed in end July this year.

This is Petronas’ second venture capital investment initiative which aims to strengthen its commitment in the renewable energy space as a solutions partner.

SOLS Energy is an innovative one-stop solution company that designs, distributes, maintains and installs high quality solar energy system at a competitive rate.

It also runs the first Solar Academy in Malaysia that offers technical skills in the solar industry and personal development training to local youth.

Head of Petronas Ventures Mohd Azli Ishak said: “We believe that this investment will complement Petronas’ new energy business growth in the solar market, as the SOLS Energy team has the passion and determination to propel the sustainable industry.”

The initiative with SOLS Energy is in line with Petronas’ Sustainability Agenda and the United Nations’ Sustainable Development Goals (SDGs) 4,7, 8 and 13.

SOLS Energy’s CEO Raj Ridvan said the company aspires to future-proof the world through the power of technology and sustainable energy.

“Our mission is to connect people and businesses to real sustainable energy solutions. We believe solar PV system adoption is at an inflection point in Malaysia, and with the Government’s regulation on net energy metering and lower equipment cost, we see a huge potential market size in Malaysia and South East Asia, ” Raj said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Business News

Pharmaniaga appointed sole distributor of Baraka in Malaysia
FBM KLCI likely to trade higher next week
Aramco agrees US$12.4bil deal to sell stake in pipelines
Solar in Malaysia - Challenges, and too much of a good thing?
CPO futures to see volatile trading next week, eyes on MPOB data
Pfizer, BioNTech seek US emergency nod for COVID-19 vaccine in adolescents
Eyes on next generation as Singapore succession is thrown into question
Oil price falls, ends week about 2% lower on supply increase, new lockdowns
BlackRock, Mustier's blank-check firm eye Credit Suisse fund management arm
GLOBAL MARKETS-S&P 500, Dow scale new heights, Treasury yields rise on strong inflation data

Stories You'll Enjoy


Vouchers