TT Vision Partners with Autowell for USD 34.91 Million Solar Automation Venture

April 2024

 TT Vision Holdings Bhd (TTVHB), a Malaysian technology-driven company specializing in automated machine vision solutions, has forged a significant partnership with Autowell (Singapore) Pte Ltd (ASPL). This collaboration entails a MYR 167 million (USD 34.91 million) joint venture with the objective of establishing a manufacturing base in Malaysia.

The project focus will be on producing automation equipment, particularly within the solar energy sector. This strategic initiative highlights TTVHB’s commitment to diversifying its business portfolio while capitalizing on the growing demand for solar energy solutions. The joint venture between TTVHB and ASPL will encompass various activities, including research and development, production, and sales of automation products. TTVHB’s initial investment of MYR 24.99 million (USD 5 million) secures a 15% stake in the venture, while ASPL will contribute the remaining MYR 141.61 million (USD 29 million) for an 85% ownership.

Funding for the joint venture, expected to be completed within six months, will be sourced internally and potentially through a capital market fundraising exercise. This strategic move aligns with TTVHB’s broader business diversification strategy, which aims to enhance profitability and shareholder value. Upon completion, the joint venture is poised to strengthen TTVHB’s position in the automation sector, leveraging its technological prowess to drive innovation in solar energy solutions.

(Sources: The Malaysian Reserve; The Edge Malaysia)

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