KUALA LUMPUR, Nov 19 — BiON Plc, a provider of environmental engineering and renewable energy solutions, through its wholly-owned subsidiary BiON Sdn Bhd (BSB) has signed a Memorandum of Understanding (MoU) with Green Lagoon Technology Sdn Bhd (GLT) to form a merger and create the biggest biogas power plant operator in the country.
BiON chief executive officer and executive director Datuk Syed Nazim Syed Faisal said after the merger, the special purpose vehicle (SPV) will have a total of eight biogas power plants with a combined capacity of 13 Mega Watt (MW).
“The plan is to list the SPV on the Main Board of Bursa Malaysia Securities Bhd or any other stock exchange within three years from the date of the shareholders’ agreement,” he told a virtual press conference today.
The MoU was signed by Syed Nazim and GLT director How Yoon For.
Syed Nazim said renewable energy is the energy of the future, given the focus on climate change and other environmental issues affecting society today.
“Our biogas power plants promote the circular economy by generating green energy from the waste of the palm oil mills,” he said.
In addition, BSB also signed MoUs with Sirim Tech Venture Sdn Bhd (STV), a wholly-owned subsidiary of Sirim Bhd, and LIPP Engineering Sdn Bhd, a company with German-based technology involved in renewable energy, to explore ventures in renewable energy projects, including waste-to-energy (WTE) projects.
The MoU with STV is aimed at exploring cooperation in the distribution of gas through a virtual pipeline system, establishing a bioenergy hub to monetise agricultural and industrial waste, and pilot testing the production of bio-natural gas from existing biogas power plants.
It was signed by Syed Nazim, SIRIM president Datuk Dr Ahmad Fadzil Mohamad Hani and SIRIM representative Ajmain Kassim.
Meanwhile, the MoU with LIPP Engineering aims to explore a joint collaboration in BSB’s biogas business, as well as the development of WTE projects. It was signed by Syed Nazim and LIPP Engineering managing director Dr Hoh Choon Yee.
— Bernama
