KUALA LUMPUR: Reservoir Link Energy Bhd has formed a 51:49 joint venture (JV) with ADS Asset Holdings Sdn Bhd (AAH) to jointly co-fund, construct and develop energy storage solutions.
In a statement, the energy-related services provider said it had entered into a JV and shareholder agreement with AAH.
Under the agreement, both parties have agreed to treat RL ADS Power Sdn Bhd as a JV company with Reservoir Link having the majority stake of 51% and AAH with the remaining 49%.
Energy storage solutions aim to reduce wastage and inefficiency from energy generated through renewable energy infrastructures.
“As we continue to make strides in growing our renewable energy segment, we are excited to announce the next phase of our journey spearheaded by our involvement in energy storage solutions along with AAH,” executive director Thien Chiet Chai said.
“With the adoption of renewables growing ever so rapidly, it is only natural that green technologies such as energy storage solutions would become the next key focus to enhance the renewables ecosystem.
“Marching forward, Reservoir Link remains committed to its existing business yet taking calculated steps in green technologies and will continue to look for potential partners which are able to contribute to our foray into this space,” he said.