KUALA LUMPUR: Solarvest Holdings Bhd is eyeing further participation in the renewable energy (RE), green technology and financial technology (fintech) industries through its newly launched startup programme.
The programme, called Solarvest Innovation Lab 2021, is split into two rounds of funding: seed funding and accelerator funding.
Group chief executive officer Davis Chong said at a press conference that the company had allocated RM1mil for this purpose.
“We are excited to unearth like-minded startups with transformational ideas that could potentially spark exponential growth in the RE and fintech industries,” he said.
“We will also potentially own a stake in these (startup) companies,” he added.
The programme will also be providing support initiatives such as special business workshops, business coaching and physical workplaces to companies that receive the seed funding.
The seed funding round is aimed at startups with bright business ideas that are yet to be commercialised, the company said in its statement.
Successful new ventures will receive a seed fund amounting to RM10,000 to prove a concept within six months.
Once an idea has been proven viable, the candidate is eligible to participate in a subsequent pitch to potentially receive an accelerator fund of RM100,000 in exchange for a certain percentage of ownership in the company, it said.
Businesses that already have proof of concept can bypass the seed funding round to apply for the accelerator fund directly, Solarvest added.
Chong said he believes that while the initial fund size is RM1mil, this could grow in the near future since there will be partners who will be working with Solarvest on this programme.
“The government agencies had also shown great interest to participate in this as well,” he said.
Solarvest said it is partnering with the likes of Malaysian Technology Development Corp, Telekom Malaysia Bhd, Malaysia Global Innovation and Creativity Centre, OCBC Bank (M) Bhd, INTI International University and Colleges, Junior Chamber International Malaysia, JCI Creative Young Entrepreneurs Award, and many other notable names for this purpose.
The company said also that this will help accelerate the nation’s green agenda and digital revolution through the search for bright and innovative ideas from budding startups.
Meanwhile, commenting on the company’s business outlook, Chong said that Solarvest had some RM628mil in outstanding order book at the moment.
“We are glad to see all economic activities coming back to normal and we are also slowly moving back up to a 100% capacity now,” Chong said.
He elaborated that about RM400mil in outstanding order book was from large-scale solar projects while there could be some developments in overseas orders in the months ahead.
“I’m not expecting an order book from the Philippines or Taiwan in the short term, but we are expecting some progress to be made in Taiwan probably in the next one or two quarters,” he said.