Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is pleased to announce the signing of a memorandum of understanding (MOU) with GCL Systems Integration Technology Co. Ltd. (GCL). The companies have agreed to cooperate and work together to explore, identify, assess and undertake projects focused on the Renewable Energy industry across Malaysia and other ASEAN countries with an estimated value of up to USD $220 million.
GCL Systems Integration Technology Co., Ltd. is a publicly traded company listed on the Shenzhen Stock Exchange. Founded in 2003, GCL has grown into a world-leading one-stop smart PV and storage system integrator. GCL emphasizes technological innovation and excellence by providing high-quality, efficient and differentiated products. Leveraging on their powerful technical research and development strength and excellent system solution design capability, GCL has secured a leading position in intelligent PV and storage energy solutions after 20 years of unremitting efforts. As of today, their product range includes high efficiency cells, PV modules and energy storage systems. Furthermore, GCL offers diversified service modules such as integrated financial services and intelligent operation and maintenance management, aiming to deliver efficient, intelligent and integrated energy solutions alongside outstanding service experiences to global customers.
Under the agreement, FGL and GCL will employ various methods to achieve their objectives, including exchanging information, proposing and implementing specific actions, and periodically evaluating the effectiveness of their collaboration. Additionally, both companies commit to contributing technical expertise and proficiency to support the collaboration on identified projects.
Each entity will take essential steps to carry out proper procedures professionally and diligently to identify and procure the projects. If any projects are secured, a separate definitive agreement will be executed outlining each company’s commitments, including providing necessary assistance, relevant information and documents required by the other party. Upon execution of the MOU, both entities will utilize internal resources to source and secure potential projects, analyze tender documents, prepare business plans, and develop proposals.
“We are proud to announce our collaboration with GCL Systems Integration Technology on future Renewable Energy projects. Leveraging GCL’s strong global reputation and expertise in manufacturing and supply of solar PV modules and storage will be an integral part of this cooperation to advance our capabilities to support Malaysia and the surrounding countries’ renewable energy goals and promote a greener environment for our customers. Additionally, we anticipate significant revenue opportunities as we work to establish sustainable projects that will drive top-line growth as well as margin and income expansion which we expect will result in substantial gains in shareholder value,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.
