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.