Unique Startup Business Models – Story – 6 – iHandal – Developing Innovative Solutions To Create A Better Environment For Future

iHandal Energy Solutions Sdn Bhd provides its clients with innovative, sustainable engineering solutions for recovering and consequently saving energy. They mainly focus on waste heat recovery from buildings and constructed property, helping clients to reduce energy wastage and perform in a more eco-friendly and energy-efficient manner.

iHandal -About The Company

iHandal Energy Solutions Sdn Bhd was founded by Aaron Patel in 2009 and is based out of Shah Alam, Selangor, Malaysia. The founder had to take over his father’s business right out of high school when his father had a stroke and was left disabled.

The business was initially a company that traded solar panels, but that would all change later. He took a particular interest in thermodynamics and studies related to heat energy, which had a practical use in his business. Later, he would realize the potential of heat recovery and energy-saving techniques in the market. 

The Product

iHandal Energy Solutions work with clients to recover and reuse waste heat for functions such as heating water. This significantly reduces wastage of heat, saving money and energy for the clients. 

The company started with purchasing waste heat recovery units from Europe, which would be tested for the first time in two properties that belonged to Tune Hotels. As a student of Thermodynamics, Mr Patel was confident in the theoretical feasibility of his setup and just needed to test it out practically. This was made possible via a family friend of his, who gave him a chance to test them at Tune Hotels. This was the beginning of iHandal.

The Business Model

Though the concept for the product was genius and proven to work, the business model of iHandal still needed to be attractive enough to convince owners to hire them. This is where the business model excelled. 

It was quite simple. If the system worked after installation, they would get paid. Or else, it would be taken back. It was a risk, and it was strenuous managing these tasks. However, with constant innovation, tinkering and hard work, the plan has worked out big time.

iHandal -Growth and Progress

After their first successful installation, Aaron kept working on the actual setup, trying to make it smaller, and optimize it to suit the Malaysian climate better. He had designed his product and kept on cold calling potential clients in hope of landing deals. The setup would recover waste heat from key areas and be expected to save up to 80% in heating costs. Their first deal was sealed with IGB Corp Bhd, which would later become their biggest promoter. A lot of projects came in via IGB’s recommendations, and this allowed the company to go regional. 

Conclusion

iHandal today occupy a very high position, popularizing Energy conservation and recovery among big businesses. They raised MYR 3.5 Million as equity crowdfunding in 2020 and boasts a list of over 100 completed projects and satisfied clients. They have set a goal for themselves to save 200 Million tonnes of Carbon Dioxide from being emitted, and are committed to saving energy and the environment. Their focus on efficiency rather than profit continues to draw in more clients, clout and goodwill.

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