Kinergy teams up with Permodalan Kedah to advance energy generation business

ONE-STOP sustainable energy & engineering solutions specialist Kinergy Advancement Bhd (KAB) (formerly Kejuruteraan Asastera Bhd) will be embarking on numerous renewable energy (RE) projects in Kedah.

This comes about after the Top 10 sustainable energy solutions provider inked a memorandum of understanding (MOU) with Permodalan Kedah Bhd (PKB), a state-owned investment company in Kedah, through its wholly owned subsidiary KAB Energy Holdings Sdn Bhd on June 19.

The MOU seeks to integrate the technical expertise and extensive business acumen of both KAB Energy and PKB towards realising clean energy.

PKB will lead efforts in identifying potential land for RE projects and assisting in obtaining project licensing and authorisation responsibilities while KAB Energy will take on the technical responsibilities by utilising its broad experience in the energy sector.

“This partnership embodies a shared vision between KAB and PKB. Beyond this, there lies a vision for accelerated growth aimed at transforming Kedah into a beacon of progress and innovation,” commented KAB’s group managing director Datuk Lai Keng Onn.

KAB values PKB’s dedication to advancing the state through innovative technologies that prioritise environmental impact reduction alongside achieving energy conservation, stability and resilience in line with Kedah’s sustainable development objectives.”

On its part, PKB will seek to integrate its strategic land and resource management capabilities with KAB’s expertise in energy and engineering to advance sustainability-focused technologies, according to its CEO Mohd Azad Jasmi.

“Through this collaboration, we aim to foster substantial transformative impacts that support sustainable progress in Kedah by focusing on feasible energy project development,” he envisages.

On a broader sense, the KAB-PKB collaboration targets synergising the strengths of both partners in developing various energy generation projects across Malaysia with a primary focus on the state of Kedah.

The MOU focuses on deploying clean energy (ie cogeneration and waste heat recovery); RE (ie solar plant/farm and floating solar, rooftop solar PV, waste-to-energy and hydroelectric); energy efficient solutions (ie building management systems and chiller optimisation) as well as engineering-related infrastructure and internal building works.

On the longer term, this forward-thinking partnership seeks to explore new opportunities which include the implementation of battery storage systems/solutions, district cooling systems for both existing and new buildings, and a commitment to further cooperation in sharing of resources and information.

“Together, we aim to establish a model of innovation and sustainability that benefits both our stakeholders and the communities we serve,” added Lai who is also KAB’s executive deputy chairman, citing the MOU signing as evidence of the group’s on-going success as a key energy player.

At the close of today’s trading, KAB was up 1 sen or 2.74% to 37.5 sen with 63.69 million shares traded, thus valuing the company at RM745 mil. – June 24, 2024

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