KUALA LUMPUR (June 8): VSolar Group Bhd is collaborating with Universiti Teknologi Malaysia to research, develop and commercialise solar and photovoltaic technologies.

It inked a Memorandum of Understanding (MoU) with the university today to effect the tie-up, according to a statement from the firm.

VSolar said with the MoU, it will be looking at conducting extensive R&D of solar and photovoltaic technologies with the primary intention of commercialising these technologies for the future.

The R&D will be conducted at UTM, as well as other suitable sites identified and provided for by UTM.

"We believe the country is perfect for the development and advancement of solar farms," said VSolar executive director Leung Kok Keong in the same statement.

"In line with our leaders' vision to reduce dependence on non-renewable energy sources, we will, through this Private-Public Partnership with UTM, look at the potential of new commercialisation projects and first-of-its-kind solar farms on site that will enable VSolar to increase its energy generation capacity and improve its revenue stream," he added.

Present at the signing were VSolar executive chairman Datuk Manan Md Said, Leung; and deputy vice chancellor, research and innovation of UTM, Professor Dr. Ahmad Fauzi Ismail.

Looking forward, Leung said the company's intention is to expand by tapping into the potential of these technologies to create a renewable energy initiative, and reaching out to the relevant bodies and authorities in due course.

Founded in 2003, Vsolar is involved in renewable energy, media publishing and production, and software solutions.

Shares in VSolar closed unchanged at 10 sen today, valuing it at RM30.35 million.