Cypark ties up with German firm on battery energy storage

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KUALA LUMPUR (Apr 11): Cypark Resources Bhd is tying up with German-based 21st Century Clean Energy GmbH & Co KG to collaborate and cooperate in energy storage projects and to jointly expand their business opportunities in the area of renewable energy in Malaysia.

In a bourse filing today, Cypark said its wholly-owned subsidiary Cypark RE Store Sdn Bhd has signed a Memorandum of Understanding (MoU) with 21st Century, which is the authorised German battery storage system developer and Tesvolt agent for Malaysia, to formalise the cooperation yesterday.    

"The MoU comes into effect on the date of signing and will remain effective for a period of two years and may be extended for a further period as may be agreed in writing by both parties," Cypark said.

The MoU entails cooperation in a number of areas including to develop business and marketing strategies to potential customers for battery energy storage projects in Malaysia, to jointly explore relevant business opportunities for vertical and horizontal market expansion, and collaborating in feasibility studies to set up renewable energy facilities and the development of battery energy storage projects.   

The MoU will not have any financial impact on Cypark which closed today 4 sen or 1.65% higher at RM2.47 for a market capitalisation of RM640.46 million.