Written By: Emma Websdale
Malaysia and Japan-based Asian Energy Investments Pte Ltd have announced a $100 million venture capital fund partnership to invest in clean energy products and businesses in Southeast Asia.
Malaysia’s prime minister, Mohd Najib Tun Raza, has announced the launch of a new fund, set to accelerate both national and regional development and manufacture of clean energy businesses and products across Southeast Asia. The Prime Minister’s announcement came during his Global Science and Innovation Advisory Council held in San Francisco, U.S on Monday.
According to Dr. Zakri Abdul Hamid, science advisor to the prime minister of Malaysia, the $100 million investment partnership will focus on investments in small to medium size technologies and enterprises, whilst also encouraging the development of new ideas in Southeast Asia.
The fund, managed by Malaysia-based fund company, Putra Eco Ventures Inc., will focus on clean energy technologies including solar, tidal and wind. Furthermore, the fund will also help revive the Malaysian biodiesel industry by finding cheaper biodiesel feedstocks for Malaysian biodiesel plants that currently depend upon expensive crude palm oil.
“This new green energy venture capital fund is a wise investment in developing a family of new technologies able to draw and store energy from renewable, inexhaustible sources such as the sun, wind or tides”, said Dr. Zakri, co-chair of the council secretariat.
“Demand for these products and businesses will be again driven by consumer convenience, cost advantage and environmental necessity, and logic dictates that they will eventually trump non-renewable fossil fuels in global markets short years or decades from now.”
The news comes at an exciting time after Jeremy P Feakins, chairman and chief executive officer of Ocean Thermal Energy Corporation (OTE) met prime minister Mohd Najib Tun Raza last year. During their meeting, Najib gave Mr Feakins the approval of the application of Ocean Thermal Energy Corporation to conduct a study to generate electricity from the deep sea in Sabah. The prime minister noted that studies have shown some areas in Sabah waters to host great potential in generating large-scale electricity.