Petronas has recently inked an agreement with SOLS Energy Sdn Bhd to invest in the start-up of the solar photovoltaic (PV) system, through its corporate venture capital arm Petronas Ventures.
With the influence of technology & renewable energies and the aim to future-proof the planet, SOLS energy are the leading renewable energy suppliers for the residential market as a tech-enabled business, and are increasing increasingly in the commercial field which is helpful to Malaysian residential and small to medium-sized business (SME) markets. This is the second venture capital investment initiative by Petronas which aims to reinforce its involvement as a solution partner in the renewable energy sector.
The contract is scheduled to finish iat tge at the end of the month. SOLS Power is a one-stop service provider that develops, distributes, manages and builds competitively high-quality renewable energy systems. It also operates Malaysia’s first Solar Academy that provides local youth professional expertise in the solar business, as well as personal growth instruction.
Mohd Azli Ishak, head of Petronas Ventures stated that they assume this investment would complement the development of Petronas’ New Energy sector in the solar market, as the SOLS Energy team has the zeal and commitment to push the renewable industry forward.
Raj Ridvan, Chief Executive Officer of SOLS Power, said the organization aspired to the world’s future-proof through the strength of technology and renewable energies. In fact, a 2019 member of Petronas’ FutureTech Accelerator project, SOLS Energy also lists as one of the founders 500 Startups which is a multinational venture capitalist.
Long way to go for this Investment!