Pestech signs MoU with UK-Sweden operating firm to develop Waste-2-Energy solutions in ASEAN region
20 Oct 2021
Pestech International Bhd has entered into a memorandum of understanding (MoU) with Gartena Holdings Ltd to explore the opportunity to cooperate in proposing and developing Waste-2-Energy solutions in the ASEAN region.
Gartena is a company operating in the United Kingdom and Sweden which has developed and holds the worldwide patent for the world’s technically advanced, efficient and environmentally friendly Waste-2-Energy process.
According to Pestech’s bourse filing on Wednesday, both parties wish to cooperate in proposing and developing Waste-2-Energy solutions in the ASEAN region under the MoU.
Pestech said it will have the primary responsibility for new client selection, including identifying potential projects, arranging meetings and preparing potential bidding documents.
In addition, Pestech — an integrated electrical power technology company — will also be responsible for project management and overall construction of the plant with any possible technology localisation.
Meanwhile, Gartena will be responsible for providing Pestech with technical and marketing materials, applicable cost estimates and appropriate content for agreements and other project documentation.
Gartena will also provide all necessary technical drawings, engineering services, localization of the operational processes of the Waste-2-Energy plant, and all relevant technical know-how of the Waste-2-Energy solution for the Gartena process.
“Pestech and Gartena are collaborating to recycle the energy contents from wastes (either general waste, scheduled waste or medical waste) to generate electricity instead of dumping [them in] the landfill [which] will bring hazardous effects to the environment. If granted, it will bring a positive sustainable development effect to the society,” added Pestech.
Shares of Pestech closed unchanged at RM1.17, valuing the integrated electrical power technology company at RM890.57 million.
Source: The Edge Markets