Petronas Invests in Renewable Energy Start-up
Malaysian state-run Petronas has invested in a local solar photovoltaic system start-up, it said on July 3 in a statement without giving any financial details.
Petronas Ventures, the company’s corporate venture capital arm, recently inked an agreement with SOLS Energy, which provides sustainable energy for residential and small-to-medium enterprise sectors in Malaysia, the company said. The transaction is expected to be completed by the end of this month.
This is Petronas’ second venture capital investment in the renewable energy space. Last year, the company bought Singaporean renewable energy player Amplus Energy Solutions, also known as M+.
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.”