Five grant recipients have been officially announced for the Seed Grant Round of Solarvest Innovation Lab 2023 (SIL 2023) by Malaysian clean energy expert Solarvest Holdings Berhad.
Irradisol, Flumen, DespaQ, Hydrozon, and Hexacycle were the top five finalists for the Seed Grant Round for SIL 2023, according to a statement released by Solarvest on Monday.
These candidates were chosen from a group of more than 30 applicants who submitted applications after the program’s launch on February 15, 2023.
SIL was founded with the goal of fostering, implementing, and commercializing indigenous innovative business concepts in the fields of financial technology, green technology, and renewable energy.
There are two funding rounds in the start-up program. Selected applicants receive MYR 10,000 ($2164) in the Seed Grant Round to validate their business concept within six months.
Candidates with strong business plans then have the chance to advance to the Accelerator Funding Round, where they may be eligible to receive a minimum of MYR 100,000 ($21,638) in funding to carry out their plans within a year.
“Over the coming months, Solarvest, along with our program partners, Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Microsoft Malaysia Sdn Bhd, Pitch Platforms Sdn Bhd (pitchIN), Alta Group Malaysia and Common Ground Works Sdn Bhd (Common Ground) will provide extensive knowledge, expertise, and resources to support the development of these start-ups,” Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Siong said.
He claims that the company’s partnerships with partners in various industries will enhance the growth strategies of these start-ups and simplify their route to the market.
He added that the panel of judges carefully chose the grant recipients based on the caliber of their entrepreneurialism, the viability of their proposed business models, and their potential to have a significant and positive impact on the environment.
“Each solution presented by the recipients stands out on its own, addressing unique challenges and offering distinct approaches,
“These solutions tackle diverse environmental problems with innovative approaches, demonstrating high levels of creativity and problem-solving capabilities,” he added.
Clean energy specialist Solarvest, which is listed in Malaysia, has a global presence throughout Asia-Pacific.
The business began as a one-stop shop for solar photovoltaic system solutions for homes, businesses, and industrial facilities, as well as utility-scale solar farms.
The company now also owns renewable energy generation facilities with a total installed capacity of more than 50MW.
The company is currently exploring other clean energy options, such as renewable energy certificates, low-carbon transportation, and energy efficiency.
