Malaysia’s Solarvest Selects 5 Startups for SIL 2023 Seed Grants

Solarvest Holdings Berhad, a prominent distributor of clean energy in Malaysia, has officially announced the selection of five grant recipients for the Seed Grant Round of Solarvest Innovation Lab 2023 (SIL 2023). The selected winners, Irradisol, Flumen, DespaQ, Hydrozon, and Hexacycle, were chosen from 30 applicants who have participated in the program since its launch in February 2023.

The Solarvest Innovation Lab (SIL) was established to foster, implement, and commercialize innovative business ideas in the fields of green technology (greentech), financial technology (fintech), and renewable energy. The start-up program comprises two funding rounds. In the Seed Grant Round, the selected participants receive a grant of MYR 10,000 ($2,164) to validate their business concepts over six months.. This initial stage allows them to test and refine their ideas before moving forward.

Following the Seed Grant Round, candidates with promising and viable business ideas have the opportunity to advance to the Accelerator Funding Round. In this phase, they stand a chance to receive a minimum capital of MYR 100,000 ($21,638) to execute their ideas within twelve months. This funding injection aims to provide the necessary resources for entrepreneurs to develop and scale their innovative solutions, driving forward the development of the greentech, fintech, and RE sectors in Malaysia.

Solarvest’s Executive Director and Group CEO, Mr. Davis Chong Chun Siong, is excited about the months ahead. Together with program partners such as Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Microsoft Malaysia Sdn Bhd, pitchIN, Alta Group Malaysia, and Common Ground, Solarvest will provide valuable knowledge, expertise, and resources to support the growth of these start-ups. This collaboration brings together partners from different fields, enhancing the strategies of the selected start-ups and helping them enter the market successfully.

Mr. Davis Chong Chun Siong expressed his views on the collaboration with partners from diverse fields, stating, “Our collaboration with partners from diverse fields will enrich the growth strategies of these start-ups and facilitate their path to market” 

He also highlighted that the grant recipients were carefully selected based on the quality of entrepreneurship, viability of their proposed business propositions, and potential to make a positive and meaningful environmental impact. 

According to Mr. Chong, “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.”

Solarvest, a clean energy expert listed in Malaysia, has an extensive presence across the Asia-Pacific region. Initially established as a comprehensive solar photovoltaic system solutions provider for residential, commercial, industrial, and utility-scale solar farms, the company has evolved over time. 

Today, it also owns renewable energy generation plants with a cumulative capacity exceeding 50MW, both ongoing and completed. Solarvest is actively exploring other clean energy solutions, including energy efficiency, low-carbon mobility, and renewable energy certificates.