Malaysia's Petronas Ventures, the corporate venture capital arm of Petroliam Nasional Bhd (Petronas) agreed with SOLS Energy Sdn Bhd to invest in a solar photovoltaic (PV) system start-up, the company announced on Friday.
The project, which will provide sustainable energy for residential and small-to-medium enterprise (SME) sectors in Malaysia, is expected to be completed by the end of July, the company's statement read.
“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,” said Raj Ridvan, SOLS Energy’s chief executive officer.
Head of PETRONAS Ventures Mohd Azli Ishak said the investment would complement Petronas’ new energy business growth in the solar market, as he said the “SOLS Energy team has the passion and determination to propel the sustainable industry.”
By Sibel Morrow