KUALA LUMPUR: Petronas, through its corporate venture capital arm Petronas Ventures, recently inked an agreement with SOLS Energy Sdn Bhd to invest in the solar photovoltaic (PV) system start-up.
SOLS Energy provides sustainable energy for residential and small-to-medium enterprise (SME) sectors in Malaysia.
This is Petronas' second venture capital investment initiative which aims to strengthen its commitment in the renewable energy space as a solutions partner.
The transaction is expected to be completed iat tge end of the month.
SOLS Energy is a one-stop solution company that designs, distributes, maintains and installs high quality solar energy system at a competitive rate.
It also runs the first Solar Academy in Malaysia that offers technical skills in the solar industry and personal development training to local youth.
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."
SOLS Energy chief executive officer Raj Ridvan said the company aspired to future-proof the world through the power of technology and sustainable energy.
A graduate of Petronas' FutureTech Accelerator programme in 2019, SOLS Energy also counts 500 Startups, a global venture capitalist, as one of its investors.