Latest news with #FiT
BusinessToday
15-05-2025
- Business
- BusinessToday
BTM Relinquishes Its Feed-in Tariff Approval After Reassessing Viability
BTM Resources Berhad announced that its wholly-owned subsidiary, BTM Biomass Products Sdn Bhd has relinquished its Feed-in Tariff (FiT) approval granted by the Sustainable Energy Development Authority Malaysia for a 10 Mega Watt per hour biomass power plant project. SEDA's agreement to the relinquishment was formalised in a letter dated May 7, 2025, and the relinquishment took effect on April 30, 2025. The initial FiT approval was granted to BTMBP on July 1, 2020, to finance, design, supply, build, own, operate, and maintain the renewable electrical energy power plant to supply electricity to Tenaga Nasional Berhad. BTM stated that the decision to relinquish the FiT approval came after it reassessed the project's viability due to current market uncertainties, including raw materials price volatility, and the difficulty in securing favorable financing following the cancellation of banking facilities. The company believes that the relinquishment will not have a material impact on its operations, as construction of the biomass power plant had not yet commenced. However, BTM Resources clarified that the group still holds another Feed-in Approval dated May 31, 2022, granted to BTM Land Sdn Bhd, for a 7 Mega Watt per hour renewable electrical energy power plant. The company is currently reassessing the potential utilization of this second FiT approval and may consider relinquishing it as well if market conditions remain unfavorable. BTM Resources also announced that it is undertaking an internal assessment of the project land in Kemaman, Terengganu, initially designated for the biomass power plant, to explore alternative business ventures for long-term growth. The company is evaluating a potential new business, with further details to be announced as agreements are finalized. Related
Associated Press
03-03-2025
- Business
- Associated Press
Wang & Lee Group, Inc. Acquires Solar (HK) Limited to Accelerate Renewable Energy Innovation in Hong Kong
Hong Kong, March 03, 2025 (GLOBE NEWSWIRE) -- Wang & Lee Group, Inc. (WLGS), a leader in sustainable technology solutions, today announced its acquisition of Solar (HK) Limited ('SolarHK'), a pioneering solar energy company, through an allotment of shares valued at approximately HK$15 million. This strategic move aims to integrate SolarHK's extensive solar expertise with WLG's lithium-ion battery initiatives, advancing Hong Kong's transition to renewable energy. SolarHK: A Trailblazer in Renewable Energy Established in 2019, SolarHK has been at the forefront of promoting renewable energy adoption across Hong Kong. The company offers comprehensive services, including solar photovoltaic (PV) system design and installation, green energy project approvals, and emission reduction management. Aligned with the Hong Kong SAR government's sustainability goals, SolarHK provides one-stop solutions for residential and commercial clients, enabling participation in programs such as the Feed-in Tariff (FiT) scheme. Notable projects completed by SolarHK include installations at: 青衣船廠 (Tsing Yi Shipyard) 利維大廈 (Liven House, Kwun Tong) 港興混凝土有限公司 (Quon Hing Concrete Manufacturer, Tsing Yi – a subsidiary of New World Development) 出入易迷你倉 (In n Out Storage, Aberdeen) 錦田沙律之家 (Kam Ting Maison De Charlotte, Yuen Long) 西貢莫遮輋 (Mok Tse Che, Sai Kung) Strategic Synergy and Expansion The acquisition creates synergies between WLG's lithium-ion battery research—developed in collaboration with City University of Hong Kong—and SolarHK's solar technology and expansive network. SolarHK's coverage spans over 50 locations across Hong Kong, positioning WLG to deliver integrated energy storage and solar solutions for commercial, industrial, and residential sectors. Collaboration with Linko: Enhancing Smart Solutions Through WLG's partnership with Linko Smart Technology Limited ( a technology innovator, SolarHK's existing client base will gain access to IoT-enabled services. Linko will deploy AI-powered smart home assistants and energy management systems, enhancing efficiency and sustainability for households and businesses utilizing SolarHK's infrastructure. Leadership Perspectives Mr. Ho, CEO of Wang & Lee Group, stated: 'This acquisition marks a pivotal step in our mission to advance clean energy ecosystems. SolarHK's proven track record and localized expertise complement our battery technology, enabling holistic solutions that reduce carbon footprints and empower Hong Kong's green future.' Mr. Gary Chik, Founder of SolarHK, added: 'Joining forces with WLG amplifies our capacity to innovate and scale. Together, we will accelerate the commercialization of renewable energy, driving tangible benefits for our clients and the community.' Completion and Forward Vision The transaction is expected to finalize within the week. Post-acquisition, WLG plans to expand SolarHK's service offerings, leveraging synergies to introduce cutting-edge energy storage systems and smart technologies. This aligns with Hong Kong's 2050 carbon neutrality targets and global sustainability trends. About Wang & Lee Group, Inc. Wang & Lee Group specializes in sustainable technologies, including energy storage systems and smart infrastructure. Collaborating with academic and industry leaders, WLG is committed to delivering innovative solutions that address climate challenges. About Solar (HK) Limited SolarHK, established in 2019, is a Hong Kong-based renewable energy pioneer offering end-to-end solar solutions. Its services span design, installation, certification, and maintenance, supporting clients in achieving energy independence and sustainability.
