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Solarvest, Agmo form JV to develop clean energy apps

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The digital applications will revolutionise how clean energy solutions are managed.

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The joint venture company, 70% owned by Solarvest Energy and 30% by Agmo Capital, is expected to develop digital applications to digitalise various clean energy solutions. (Envato Elements pic)

PETALING JAYA:
Solarvest Holdings Bhd’s subsidiary Solarvest Energy Sdn Bhd, a clean energy provider, has formed a joint venture (JV) with digital solutions specialist Agmo Holdings Bhd’s unit Agmo Capital Sdn Bhd to co-develop digital applications (apps) for the clean energy sector.

In a joint statement, the two companies said the JV company, which will be 70% owned by Solarvest and 30% by Agmo, is expected to develop digital apps that will significantly enhance efficiency, scalability, and user experience across the clean energy landscape.

“This initiative is set to digitalise various clean energy solutions, starting with enhancements to Solarvest’s existing offerings, including Vestech EcoHomes solutions, Powerbee green electric vehicle (EV) charging ecosystem, and Renewable Energy Certification management,” the partners said.

The JV agreement signing was witnessed by deputy prime minister Fadillah Yusof, who is also the energy transition and water transformation minister.

The signing ceremony was held today on the sidelines of the 6th International Sustainable Energy Summit (ISES) 2024, organised by the Sustainable Energy Development Authority (SEDA).

Solarvest Holdings Group CEO Davis Chong said that the digital apps the company is developing are expected to revolutionise how clean energy solutions are managed and scaled.

“This partnership highlights our commitment to advancing renewable energy and showcases our proactive approach to meeting the industry’s evolving needs.

“Together, we are leading a digital transformation that will enhance the scalability and global impact of sustainable energy solutions,” he said.

Meanwhile, Agmo Holdings CEO Tan Aik Keong highlighted the potential impact of the venture.

“We are excited to embark on this collaboration with Solarvest, leveraging our technological expertise to propel the clean energy revolution forward.

“This innovative initiative demonstrates our commitment to industry innovation, combining Solarvest’s clean energy expertise with our advanced digital solutions to create a comprehensive platform for managing and accessing clean energy,” he said.

At the close of trading, Solarvest’s share price was down by 9 sen or 5.33% at RM1.60, giving the group a market capitalisation of RM1.13 billion.

Meanwhile, Agmo’s share price was down by 2 sen or 2.99% at 65 sen, giving it a market capitalisation of RM211.25 million.

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