Citaglobal Inks Collaboration with Genetec Technology

Aims to develop battery energy storage management systems for renewable energy sources and become a major renewable energy player in Malaysia

KUALA LUMPUR (6 OCTOBER) – Citaglobal Berhad (Citaglobal), diversified infrastructure and energy conglomerate today executed their exclusive collaboration agreement with Genetec Technology Berhad (Genetec), technology leader in providing full turnkey smart factory automation manufacturing lines, to develop battery energy storage management systems to store and manage excess power during the generation of renewable energy.

Both parties will enter into a definitive agreement within one (1) month, with an automatic extension of one month or such extended period no later than six (6) months from the date of the Collaboration Agreement. This definitive agreement will see a special purpose vehicle (SPV) to be formed based on a 50:50 shareholding between both parties.

Citaglobal’s Group Executive Chairman and President Yang Berbahagia (Ybhg.) Tan Sri Dato Sri (Dr.) Mohamad Norza Zakaria, Founder and Managing Director of Genetec, Mr. Chin Kem Weng were present to sign the agreement.

Ybhg. Tan Sri Dato Sri (Dr.) Mohamad Norza said: “This collaboration marks our entry into the renewable energy industry, which will be an important growth area for the Group moving forward. We are delighted to partner with Genetec for this project. With Genetec’s expertise in the electric vehicle and energy storage segment - underpinned by its unique blue chip customer base – we are confident that together, we will play a major role in greening Malaysia. Battery energy storage management is just one of the renewable energy segments we are looking into.”

Mr. Chin added, “For more than 25 years, Genetec has been providing cost effective, customised, advanced automated industrial systems and equipment to different sectors, especially the technology, energy storage and electric vehicle segments. Energy storage, is significant to our business and we look forward to this potential collaboration with Citaglobal on a project that will play a part in developing the nation’s renewable energy infrastructure.”

The push for renewable energy has only increased over the past few decades. Malaysia’s carbon neutral goal by 2050 places the country ahead of its Southeast Asian peers in carbon commitments.

Presently, Malaysia has reached 23% installation of renewable energy and is planning to achieve 40% by 2035.

Under the Malaysian Renewable Energy Roadmap, the transition towards a low-carbon energy system is focused on four key renewable energy resources: solar, biomass, biogas and hydro.

Citaglobal’s current businesses include civil engineering and construction, oil and gas, and manufacturing. The Group’s transformation plans include its involvement in renewable energy, facilities management, telecommunications, infrastructure, and technology sectors.

Astramina Advisory Sdn Bhd is the Financial Advisor for Citaglobal and Transaction Arranger for Genetec Technology for this battery energy storage management systems collaboration.