MIDA Bridging Collaboration on Waste-To-Energy Investment Ecosystem between BiON and SIRIM Tech Ventures Sdn Bhd (STV)
Kuala Lumpur, 19 November 2020 – BiON Group of Companies (BiON)has signed a Memorandum of Understanding (MOU) with SIRIM Tech Venture Sdn. Bhd. (STV) today as witnessed by the Malaysian Investment Development Authority (MIDA) in strengthening and promoting the growth of bio-energy ecosystem. The MOU aims to develop potentials in commercialisation of “Waste to Energy” (WTE) activities in ensuring sustainable waste management in the country. The MOU is a testament to MIDA’s efforts in promoting investment activities which are supportive to the sustainable development goals in Malaysia.
MIDA through its Domestic Investment Coordination Platform (DICP) unit has coordinated with BiON and STV in business to business (B2B) meetings to realise the establishment of a technical cooperation between the two companies. This collaboration includes the distribution of gas energy through a Virtual Pipeline System (VPS) and the establishment of a bio-energy hub to monetise agricultural and industrial waste. Pilot tests will also be conducted on the production of Bio Natural Gas (BioNG) from existing biogas power plants and on other projects related to WTE in Malaysia and abroad.
The DICP unit in MIDA assists companies in bridging their technology and/or financial gaps, offers direct facilitation and engagement with technology providers and/or financial institutions, including private equity and venture capital firms.
“The collaboration brings together key local and international players from the bio-energy value chain to explore the opportunities and challenges as well as to chart the way forward for this industry. MIDA continues to provide the impetus for domestic and foreign direct investors in expanding their business portfolios and accelerate investments despites the challenging time due to the COVID-19 pandemic,” said Dato’ Azman Mahmud, CEO of MIDA.
BiON has positioned itself as one of Malaysia’s most established waste-to-energy solutions providers and independent power producer (IPP) through the construction, operation and ownership of four biogas power plants which provide electricity to the Malaysian National Grid under the Feed-in-Tariff (FiT) system. While it is the only company with biogas power plants operating two different systems in generating power through the treatment of palm oil mill effluent (POME), BiON is also one of the only few fully-integrated service providers and operators in the country. Over the last 40 years, the principal operating company of the Group, BiON Sdn. Bhd. (BSB) has delivered numerous projects throughout Asia, including a World Bank funded project and a series of biogas capture facilities for FGV Palm Industries Sdn Bhd (FPI), a subsidiary of FGV Holdings Bhd (FGV) which is the world’s largest crude palm oil producer.
In supporting the biogas industry in Malaysia, SIRIM Tech Ventures Sdn. Bhd. (STV), a wholly owned commercialisation arm of SIRIM Berhad assumes a significant role in accelerating business commercialisation. SIRIM has developed innovative solutions for the production of biogas in upgrading its quality to become natural gas-like fuel or Bio-Natural Gas (BioNG) in complementing the bio-energy ecosystem.
STV has recently launched an integrated commercialisation platform known as TECH Ecosystem to encapsulate an effective ecosystem given the Technology Readiness Level (TRL), a methodology to determine technology maturity during the product development cycle. STV also offers potential investors to access technologies evaluation in its virtual database known as ‘Technology Docket” which is readily available for commercialization. Realising the importance of digitalisation in materialising a healthy ecosystem, STV will soon be releasing a new iVenture Apps for best customer experience.
*****
About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook, LinkedIn and Youtube channel.
For more information, please contact:
Nazuki Abdullah
Director, Domestic Investment & Supply Chain Coordination Division, MIDA
Tel.: 03- 2267 3744| Email: [email protected]
