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InvestSarawak, Toyo in MOU on energy project investment

Publish date: Mon, 22 Apr 2024, 06:33 PM

KUCHING (April 22): Japan's Toyo Engineering Corporation, along with its subsidiary Toyo Engineering and Construction Sdn Bhd, have signed a memorandum of understanding (MOU) with InvestSarawak to facilitate Toyo in exploring potential investments in energy projects in Sarawak.

Toyo Engineering and InvestSarawak said in a joint statement on Monday that the MOU outlines the commitment of both parties to establish a cooperative framework that will foster collaboration on potential energy projects critical to the Sarawak government's energy transition initiatives.

“Such initiatives include developing green hydrogen projects, carbon capture and storage (CCS), waste-to-energy projects that convert organic waste materials into energy, energy storage solutions such as battery storage or pumped hydro storage and smart grid technology to enhance the efficiency and reliability of the electrical grid,” they said.

InvestSarawak chief executive officer Timothy Ong said the partnership with Toyo is a testament to Sarawak's commitment to embracing clean and sustainable energy sources that will propel the state economic and social development forward.

"This collaboration will leverage Toyo’s global insights and technological advancements to enhance our capabilities” he said.

InvestSarawak, an agency under the purview of Sarawak’s Ministry of International Trade, Industry and Investment (MINTRED), is a one-stop centre (OSC) dedicated to attracting investments to Sarawak while fostering trade and talent development, in alignment with Sarawak's vision for 2030 and beyond.

Meanwhile, Toyo Engineering Corp senior executive officer, unit director of business development and marketing unit, Casey Takeshi Matsumuro, said Toyo was honoured to support Sarawak’s ambitious energy goals.

“This collaboration allows us to bring our expertise and technology to the forefront of Sarawak’s energy landscape, aligning with our mission to contribute to sustainable growth globally,” he said.

Toyo, with its track record and expertise in engineering, procurement, construction and technical services across various sectors, including oil and gas, petrochemicals and renewable energy, brings its global experience and innovative technologies to this partnership.

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