Malaysia’s energy-related services provider, Reservoir Link Energy Bhd and investment company, ADS Asset Holdings Sdn Bhd (AAH) are forming a joint venture and shareholder agreement (JV & SA) to collaboratively co-fund, construct and develop energy storage solutions. The partners have formed RL ADS Power Sdn Bhd, a joint venture company, where Reservoir Link will hold a 51% stake and AAH will have the remaining 49%.
The joint venture on energy storage solutions seeks to reduce wastage and inefficiency from energy generated through renewable energy infrastructures. This will be accomplished through the development of environmentally sustainable and low-cost battery solutions that can store renewable energy and then be used for commercial and industrial applications.
Reservoir Link Executive Director, Thien Chiet Chai, said that the energy storage technology has upside potential given the strong demand for renewable energy. It is expected that green technologies such as energy storage solutions would become the next key focus to enhance the renewables ecosystem. The company plans to dedicate its resources to the existing businesses as well as green technologies, and will continue to look for potential partners in the energy storage space.
(Sources: The Edge Markets; New Straits Times)