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BUSINESS

Plus Xnergy optimistic on commercial, household solar adoption growth

14/08/2022 11:26 AM

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Aug 14 (Bernama) -- Malaysian-based clean energy solutions provider, Plus Xnergy Holding Sdn Bhd (Plus Xnergy) is optimistic that solar energy adoption will increase in both commercial and household segments.

Group chief executive officer Ko Chuan Zhen said the global energy crisis and increased interest in environmental, social and corporate governance (ESG) goals have created unprecedented demand.

“We have local large corporations, small and medium enterprises (SMEs) clients embarking on their ESG journeys, and we have also helped over 60 multinational companies (MNCs) adopt clean energy.

“The strong ESG proposition helps companies tap into new markets, attract businesses and consumers and maintain a competitive advantage,” he told Bernama.

Ko said this was also in line with the Malaysian government's 12th Malaysia Plan’s (12MP) goal to embrace sustainability and become a carbon-neutral nation by 2050; noting that solar energy is currently the most scalable and viable option, especially with the government’s incentives. 

“While solar panel costs may be a setback, we believe that rising demand may drive more affordable prices as the economies of scale influence the outcome.  

“We will focus on acquiring talents that will help us grow and meet these demands while seeking opportunities both locally as well as abroad in Indonesia,” he added.

 

REBRAND TO RESTRUCTURE

At the height of the pandemic in mid-2021, the company restructured itself to make Plus Xnergy its main holding company, with Plus Xnergy Services Sdn Bhd (formerly known as Plus Solar Systems Sdn Bhd) as its engineering, procurement, construction and commissioning subsidiary and Plus Xnergy Edge Technologies Sdn Bhd as its technology-focused subsidiary.

Following the restructuring exercise, Plus Xnergy has four main business entities focusing on providing business-to-business (B2B) and business-to-consumer (B2C) services, Artificial Intelligence of Things (AIoT) energy solutions and asset management companies within and beyond Malaysia.

Its B2B service focuses on the commercial and industrial segment, providing turnkey solar solutions services to go beyond solar by exploring battery storage, and the company had also introduced Malaysia’s first rent-to-own programmes to consumers as part of its B2C service.

The restructuring exercise created more agility and focus to push boundaries of the respective areas towards the redefinition of energy generation and efficiency, said Ko.

“Although it is rare for businesses to rebrand during difficult times, we saw an even more pressing need to transform and restrategise our solutions as we believe that our restructuring will help us drive revenue in various segments, from home solar to commercial and power purchase agreement.

“We were the first company in Malaysia to have such revenue streams by providing solutions in line with the energy trilogy -- energy generation, energy efficiency and energy storage,” he said.

Ko said Plus Xnergy aims to be at the forefront of innovation, bringing improved solutions, better returns and higher savings to its clients.

“For the AIoT segment, we use SOURCE, a smart energy platform for office buildings, shopping centres and manufacturing plants.

“The enabling technology behind AIoT monitors, analyses and optimises energy patterns and data, turning insights into savings and business intelligence,” he said.

He added that the battery storage solution allows solar power to contribute to the electricity supply grid even when the sun is not shining, and helps to smooth out variations in how solar energy flows on the grid while balancing cost and efficiency for users.

“These variations are attributable to changes in the amount of sunlight that shines onto photovoltaic (PV) panels or concentrating solar-thermal power (CSP) systems,” he said.

Meanwhile, on business expansion, Ko said aside from focusing on the domestic market. the company is also currently exploring Southeast Asian countries with high potential such as Indonesia.

“Our business is one that requires physical presence and cannot be sustained virtually. Now that cross-border travels are possible again, we are reviving our expansion plans,” he added.

-- BERNAMA


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