Petronas venture-cap arm invests in solar energy start-up

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KUALA LUMPUR (July 3): Petronas Ventures, the corporate venture capital arm of Petroliam Nasional Bhd (Petronas), recently invested in solar photovoltaic (PV) system start-up SOLS Energy Sdn Bhd, according to a statement today.

SOLS Energy, which is also backed by global venture capitalist 500 Startups, designs, distributes, maintains and installs high quality solar energy system at a competitive rate, providing sustainable energy for residential, and small and medium enterprise (SME) sectors in Malaysia, besides running a Solar Academy offering technical skills in the solar industry and personal development training to local youth.

The agreement is Petronas’ second venture capital investment initiative targeted at renewable energy which aims to strengthen its commitment as a solutions partner in the sector, with the transaction expected to be completed at the end of this month.

Petronas Ventures head 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 investment in SOLS Energy is in line with Petronas’ Sustainability Agenda and the United Nations’ Sustainable Development Goals (SDGs) 4, 7, 8 and 13 focusing 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, said the national oil and gas entity.

SOLS Energy chief executive officer Raj Ridvan said the company aspires to future-proof the world through the power of technology and sustainable energy.

“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,” he said, noting the huge potential market size in Malaysia and South East Asia.

Petronas Ventures actively scouts for visionary entrepreneurs to solve critical problems in industrial and energy space through breakthrough technology and innovative business models to support its business growth and sustainability agenda, with SOLS Energy itself a graduate of Petronas’ FutureTech Accelerator programme in 2019.