KUALA LUMPUR (Aug 20): Oil and gas services firm Uzma Bhd (KL:UZMA) said on Tuesday it had signed a pact with Taiwan’s Terawatt Ltd to explore development of products or projects in energy storage and renewable energy (RE).

Under the memorandum of understanding (MOU), the parties agree to work together including to conduct a feasibility study on product commercialisation via a pilot project and business plan in the area of energy storage, Uzma said in an exchange filing. The MOU is valid until Aug 19, 2025.

The parties also agree to “facilitate knowledge exchange via joint activities including, but not limited to, programmes, workshops and seminars”, as well as “to explore additional areas of cooperation through mutual agreement”, Uzma said.

The MOU was signed by its wholly owned unit Uzma Environergy Sdn Bhd with Terawatt — which develops and commercialises energy storage systems, electric vehicles, drone technology, artificial intelligence, agriculture, clean and renewable energy.

Uzma Environergy also signed separate MOUs with Mimos Semiconductor Sdn Bhd and Universiti Tenaga Nasional Sdn Bhd (Uniten) during the event witnessed by Deputy Prime Minister Datuk Seri Fadillah Yusof on Tuesday.

The collaborations with Mimos and Uniten will provide opportunities for Uzma Environergy to leverage the expertise of technology specialists for the battery energy storage system (BESS), which may be adopted in Uzma Environergy’s future RE endeavours, the company said in a separate statement.

“It is a pivotal moment for Uzma Environergy to expand and be aligned with the innovation of the RE technology,” the company's chief executive officer Mohd Hilmy Abdullah Zawawi said in a separate statement. “Scaling up BESS solutions is not an option, but a necessity for advancing Malaysia’s RE industry.”