- Founder Group Limited (NASDAQ: FGL) and GCL Systems Integration Technology Co., Ltd. sign a memorandum of understanding (MOU) to develop renewable energy projects in Malaysia and ASEAN countries.
- The potential projects are valued at up to USD $220 million, combining FGL's EPCC capabilities with GCL's PV and storage expertise.
- This strategic partnership aims to drive significant revenue opportunities and enhance shareholder value for FGL.
Founder Group Limited (NASDAQ: FGL) has entered into a memorandum of understanding (MOU) with GCL Systems Integration Technology Co., Ltd. The agreement outlines a collaborative effort to explore and potentially execute renewable energy projects across Malaysia and the ASEAN region, with an estimated value of up to USD $220 million.
GCL Systems Integration, a prominent player listed on the Shenzhen Stock Exchange, specializes in smart photovoltaic (PV) and storage system integration. Their expertise in high-efficiency cells, PV modules, and energy storage systems positions them as a valuable partner in this initiative. The collaboration will focus on the exchange of information, technical expertise sharing, and joint project development.
Both companies plan to leverage internal resources for sourcing projects, analyzing tenders, and developing proposals. The realization of potential projects, however, will require separate definitive agreements. FGL's CEO, Lee Seng Chi, expressed optimism about the partnership, emphasizing its potential to bolster FGL's capabilities in supporting regional renewable energy goals, while also driving top-line growth and enhancing shareholder value.
