Petronas invests in renewable energy startup

KUALA LUMPUR: Petronas through its corporate venture capital arm Petronas Ventures has inked an agreement with energy startup SOLS Energy Sdn Bhd to invest in the solar photovoltaic (PV) system startup that provides sustainable energy for residential and smallto-medium enterprise (SME) sectors in Malaysia.

Petronas Ventures head Mohd Azli Ishak said that the investment will complement Petronas’ new energy business growth in the solar market.

“This initiative is in line with Petronas’ sustainability agenda and the United Nations’ sustainable development goals that focus on the provision of quality technical education to youths, promotion of sustainable economic growth as well as reduction in greenhouse gas emissions through generation of clean energy,” he said in a statement yesterday.

The agreement also marks the second venture capital investment initiative for the nation’s oil and gas company, which aims to strengthen its commitment in the renewable energy space as a solutions partner.

SOLS Energy is a one-stop solution company that designs, distributes, maintains and installs high-quality solar energy systems 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 youths.

Its chief executive officer Raj Ridvan said the company aspires to future-proof the world through the power of technology and sustainable energy.

“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,” he said.

The transaction from this agreement is expected to be completed in end-July this year.