Fast Energy to supply solar power to furniture group - MIDA | Malaysian Investment Development Authority
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Fast Energy to supply solar power to furniture group

Fast Energy to supply solar power to furniture group

07 Oct 2021

Fast Energy Holdings Bhd  (formerly known as Techfast Holdings Bhd) has secured a RM11.75 million contract to supply solar power to furniture company.

In a bourse filing, Fast Energy said Apex Group will purchase the electricity produced by solar photovoltaic systems at a rate of 30 sen per kWh for a 25-year period.

The deal also involves Volta Energy Sdn Bhd, which will construct the solar photovoltaic system on the rooftop of Apex Group’s factory.

The Apex Group owns six factories and has a total workforce of 600, with a production capacity of over 16,500 furniture per month.

Fast Energy said the deal is expected to contribute positively to its revenue in the mid- to long term and is in line with its long-term objective to diversify into the renewable energy industry.

The group’s principal activities include manufacturing specialized fasteners and related precision turning and machining parts for the electronics, telecommunication, computer peripherals and automotive industries.

Shares in Fast Energy closed up two sen or 9.3% at 23.5 sen on Thursday, giving the group a market capitalisation of RM95 million.

Source: The Edge Markets