Plus Xnergy Provides Smart and Affordable Energy Solutions - MIDA | Malaysian Investment Development Authority
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Plus Xnergy Provides Smart and Affordable Energy Solutions

>Going Global Series>Plus Xnergy Provides Smart and Affordable Energy Solutions

Plus Xnergy Provides Smart and Affordable Energy Solutions

At a time where many are working to keep our heads above the water, businesses are required more than ever to provide relevant solutions that intersect with the essentials of everyday life. Among them, energy has been on the radar of corporate organisations and nations as one of the top operating expenditures alongside rent and payroll. Renewable energy such as solar power has been identified as among the top solutions for businesses by policymakers, world leaders and industry-leading organisations to tackle the rising utility bills and access affordable energy solutions.


As access to clean power continues to grow in importance, there is a need for more holistic methods for businesses to access this resource; leading to questions about its cost and maintenance. Solar energy is an affordable and useful form of power in this pandemic and beyond. It provides a source of sustainability for organisations, lowers electricity costs while adopting Environmental, Social and Governance (ESG) principles as well as UN Sustainable Development Goals (SDGs) to tackle climate change.


In order to fulfil rising energy demands and expand clean energy solutions for businesses, Plus Xnergy Holding Sdn Bhd (Plus Xnergy), the nation’s leading clean energy solution provider has undergone a rebranding exercise as part of its move to restructure and optimise its energy business. This has resulted in the creation of Plus Xnergy as the main holding company, with Plus Xnergy Services Sdn Bhd (“PXS”) (formerly known as “Plus Solar Systems Sdn Bhd”) as its engineering, procurement, construction and commissioning (EPCC) subsidiary and Plus Xnergy Edge Technologies Sdn Bhd (“PXET”) as its technology-focused subsidiary. With this, the company has increased its agility and is focusing in-house to push boundaries towards redefining energy generation and efficiency.


“It is a rarity for businesses to rebrand during such difficult times, but we see an even more pressing need to transform and re-strategise our solutions. There is much untapped potential in Malaysia and the region, with the Asia Pacific (APAC) renewable energy (RE) potential worth RM15.3 trillion,” said Ko Chuan Zhen, Group CEO of Plus Xnergy.


“With the rebrand, we bring new and innovative offerings. We have always been a strong contender in the B2B market, but it is an apt time to enter the B2C market as we see strong demand from this segment. There is much room for adoption as there are over 3.2 million residential properties in Malaysia,” added the Group CEO.

In its first year, Plus Xnergy projects to outfit 2,000 houses with solar power and up to 5,000 by its second year. This is aligned with the NEM 3.0 Rakyat programme, which was introduced earlier this year to encourage the growth and adoption of solar solutions for consumers and households. The B2C efforts will also create more than five hundred microentrepreneurs in the process.


“Our goal is to hasten the adoption of solar solutions with a first in the market; a solar rent-toown programme. It would grant long term savings to the Malaysian household without incurring unrealistic monthly cost, while accelerating the country’s progress towards its renewable energy goals,” said Ko.


On the B2B front, Plus Xnergy believes that the adoption of solar energy will continue to rise among businesses especially with support from the local authorities through MIDA’s facilitation such as the Green Investment Tax Allowance (GITA) which has greatly increased the interest and adoption of solar solutions. Plus Xnergy has been able to work with clients that have greatly benefited from this initiative such as AJIYA, Secret Recipe, Chek Hup, Khind, UWC and many more.


One of Plus Xnergy’s clients Matin Ng, Deputy Group CEO of UWC Berhad shared that his company was able to save on energy bills and contribute to lowering carbon emissions. “By embracing solar energy, we could save our electricity bills up to RM250,000 per annum. That’s why we think solar energy is one of the best ‘solutions’. And of course thanks to MIDA, they facilitated the GITA tax incentive that contributed to savings on our electricity bill. The ROI is expected to be within 3.5 years,” said Ng during the Clean Energy Transformation Program (CETP) between Plus Xnergy and leaders from various industries in promoting the adoption of clean energy.


Moreover, businesses will also play a role in contributing to the national RE goal of 31% by 2025 especially as more RE targets and requirements are being put in place, namely, Kuala Lumpur’s mayor, Datuk Seri Mahadi Che Ngah’s recent imposition of a 30% compulsory reliance on RE for future commercial and residential developments in the capital.


Despite pandemic circumstances, Plus Xnergy is optimistic about the market growth and is confident in projecting a revenue growth of RM500 million in three years. Backed by interest and demand from other regions, the firm also foresees expansions to two new countries. In addition, there are plans to secure up to 100MW in large scale solar (LSS4) projects, as well as to diversify into Energy Storage Systems (ESS), electric vehicle (EV) chargers and floating solar systems.


Plus Xnergy sees that solar investment has proven to be resilient. The International Energy Association (IEA) expects global annual solar photovoltaic (PV) additions to surpass 160GW by 2022, affirming the technology’s position as the ‘new king’ of global electricity markets. With PV now the lowest-cost option for electricity generation in many countries, the IEA forecasts annual solar PV expansion to reach 145GW in 2021 and 162GW in 2022, breaking records and accounting for almost over 55% of all renewable energy expansion this year and next. Plus Xnergy advocates a higher adoption of solar energy among businesses as this will not only help them access clean and affordable power but also help Malaysia reach the RE target of 31% by 2025 and elevate the nation towards becoming a sustainable champion in the ASEAN region.


Explore MIDA’s dedicated resources, wide range of facilities or consultation services in the green technology industry via this link or contact MIDA’s Green Technology Division for more information.