VCI Global (VCIG) and Founder Energy Begin Process of Forming Strategic Alliance to Explore Clean Energy Industry
VCI Global Limited (NASDAQ: VCIG) announced that it had signed a non-binding memorandum of understanding (“PE”) with Reservoir Link Energy Bhd’s 51% subsidiary, Founder Energy Sdn Bhd (“FESB”) to eventually form a strategic alliance, which would leverage the respective unique strengths of VCI Global and FESB. These strengths would be applied to explore and venture into new market opportunities in the clean energy industry to acquire, manage and develop clean energy projects in the Southeast Asia region.
VCI Global and FESB will negotiate the terms of a definitive agreement that would define the terms of collaboration and cooperation in mutually beneficial areas through knowledge sharing and tendering for new contracts in the energy sector own. The Company believes that a strategic alliance with FESB will further develop the resources of each party.
“An alliance with FESB would allow us to move towards a growing industry where its potential is not yet fully exploited. Most countries are still in the infancy stage. It is common knowledge that Malaysia will increase the share of renewables in installed power generation capacity to 40% by 2035. Indonesia is not far behind with its target of 31% by 2050 Vietnam is a rapidly developing country, which aims to increase the share of renewable energy to 32% by 2030. Given these countries’ quest to optimize the use of clean energy to generate electricity, an alliance with FESB would be opportune for VCI Global,” said Dato’ Victor Hoo, President and Group Director of VCI Global.
“We are undoubtedly honored to be forming an alliance with VCI Global. Given our well-established presence in the field of renewable energy, this potential alliance bodes well for our renewable energy business. Going forward, we will be strategically looking for new opportunities to expand our renewable energy offerings, including the Southeast Asian region, given its vast potential. We are also open to other renewable alternatives in light of the growing adoption of renewable energy,” said Thien Chiet Chai, Executive Director of Reservoir Link Energy Bhd.
About VCI Global Limited
VCI Global is a multidisciplinary consulting group with key consulting practices in business and technology. The Company provides business strategy and board services, investor relations services and technology consulting services. Its clients range from small and medium-sized businesses and government-related agencies to publicly traded companies in a wide range of industries. VCI Global operates solely in Malaysia, with customers primarily from Malaysia, but also serves some customers from China, Singapore and the United States.
For more information about the Company, log on to https://v-capital.co/.
About Reservoir Link Energy Bhd (“Reservoir Link”)
Reservoir Link was incorporated in Malaysia under the Companies Act 1965 on December 2, 2014 as a public company in its present name and deemed registered under the Companies Act 2016.
Reservoir Link is an investment holding company while its subsidiaries are primarily involved in the provision of oil and gas well related services which include well drilling, leak repair, testing, washing and cementing as well as the cables. Reservoir Link is also involved in providing enhanced oil recovery services, laboratory studies and expert interpretation services on flow assurance and formation damage and providing management solutions sand.
More recently, Reservoir Link has added to its list of services the supply and implementation of solar photovoltaic projects for residential, commercial and industrial properties, utility scale solar photovoltaic power plants which include the supply and installation of solar mounting and other engineering works involving civil, structural, mechanical and electrical engineering works.
For more information on Reservoir Link, please log on to https://reservoirlink.com/
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. These statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements that may be accompanied by the words “intends”, “may”, “will”, “plans”, “expects”, “anticipates”, “projects”, “predicts”, “estimates”, “aims”, “believes”, “hopes”, “potential” or similar words . Actual results could differ materially from those described in these forward-looking statements due to certain factors, including, without limitation, the company’s ability to achieve profitable operations, customer acceptance of new products, effects of the spread of the coronavirus (COVID-19) and future measures taken by authorities in countries where the Company has supply chain partners, the demand for the Company’s products and the economic situation of customers of the Company, the impact of competitive products and pricing, successful management and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any responsibility to update the forward-looking statements contained in this press release, except in accordance with applicable law.
CONTACT DETAILS:
Published by Imej Jiwa Communications Sdn Bhd on behalf of VCI Global Limited & Reservoir Link Energy Bhd
For media inquiries, please contact:
Chris Chuah Email: chris@imejjiwa.com
Jason ChiewEmail: jason@imejjiwa.com
Jun Hao Email: junhao@imejjiwa.com
Source: VCI Global Limited
