KUALA LUMPUR (Aug 20): Solarvest Holdings Bhd (KL:SLVEST) on Tuesday said it is partnering with Agmo Holdings Bhd (KL:AGMO) to jointly develop digital products catering to the clean energy sector.
The two companies will set up a joint venture (JV) to produce the digital products, including software, digital platform, data analytics and technology integration services, Solarvest said in an exchange filing. Solarvest will hold 70% in the JV while Agmo will have the remaining 30%.
“The collaboration is intended to capitalise on the emerging opportunities for digital solutions in the clean energy sector and to accelerate the adoption of these technologies,” the company said.
On Tuesday, the two companies’ units Solarvest Energy Sdn Bhd and Agmo Capital Sdn Bhd signed the JV agreement, witnessed by Deputy Prime Minister Datuk Seri Fadillah Yusof.
Products to be developed by the JV company will include a renewable energy (RE) certificate platform, a home solar project management system, and an electric vehicle platform.
Developments are likely to take place over the period of six months to one year, said Solarvest executive director and chief executive officer Davis Chong Chun Shiong.
“We believe that this digital platform will address the demand and supply issues for carbon credits and RE certificate,” he said after the signing ceremony.
At the time of writing on Tuesday, shares of Solarvest were eight sen or 4.73 lower to RM1.61, valuing the company at RM1.14 billion. Agmo was one sen or 1.49% lower to 66 sen, giving it a market capitalisation of RM212.87 million.