Oil & Gas Innovation Summer 2020 Digital | Page 63
PETRONAS Invests In Renewable Energy Start-Up
PETRONAS through its corporate venture capital arm, PETRONAS
Ventures, recently inked an agreement with SOLS Energy Sdn Bhd
to invest in the solar photovoltaic (PV) system start-up that provides
sustainable energy for residential and small-to-medium enterprise
(SME) sectors in Malaysia.
This is PETRONAS’ second venture capital investment initiative which
aims to strengthen its commitment in the renewable energy space as a
solutions partner. The transaction is expected to be completed in end
July this year.
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 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.
SOLS Energy’s Chief Executive Officer Raj Ridvan said the company
aspires to future-proof the world through the power of technology and
“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.”
A graduate of PETRONAS’ FutureTech Accelerator programme in
2019, SOLS Energy also counts 500 Startups, a global venture capitalist,
as one of its investors.
PETRONAS Ventures actively scouts for visionary entrepreneurs in
Malaysia and around the globe to solve critical problems in industrial
and energy space through breakthrough technology and innovative
business models to support its business growth and sustainability
Cool Sorption is dedicated to VOC emission
reduction and has an extremely high expertise
in vapour processing, vapour treatment,
vapour recovery and product recovery.
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