Malaysian clean energy expert Solarvest Holdings Berhad has officially announced five grant recipients for the Seed Grant Round of Solarvest Innovation Lab 2023 (SIL 2023).

Solarvest said in a statement on Monday that Irradisol, Flumen, DespaQ, Hydrozon, and Hexacycle emerged as the five chosen recipients under the Seed Grant Round for SIL 2023.

These selections were made from a pool of over 30 participants who applied following the launch of the program on February 15, 2023.

SIL was established with the objective to cultivate, implement and commercialize local innovative business ideas in green technology (greentech), financial technology (fintech) and renewable energy (RE).

The start-up program consists of two funding rounds. In the Seed Grant Round, selected candidates are provided with MYR 10,000 ($2164) to validate their business concept within six months.

Following this, candidates with viable business ideas have the opportunity to progress into the Accelerator Funding Round, where they can potentially receive a minimum of MYR 100,000 ($21,638) in capital to execute their ideas within twelve months.

“Over the coming months, Solarvest, along with our program partners, Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Microsoft Malaysia Sdn Bhd, Pitch Platforms Sdn Bhd (pitchIN), Alta Group Malaysia and Common Ground Works Sdn Bhd (Common Ground) will provide extensive knowledge, expertise, and resources to support the development of these start-ups,” Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Siong said.

According to him, the firm’s collaboration with partners from diverse fields will enrich the growth strategies of these start-ups and facilitate their path to market.

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

“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,” he added.

According to the statement, Irradisol specializes in the production of environmentally friendly solar photovoltaic (PV) products by utilizing sustainable materials.

Instead of using conventional materials, Irradisol employs an innovative material derived from natural sources such as sugarcane.

As a result, these materials can easily biodegrade, posing no risk of land, air, or water pollution when disposed of.

Meanwhile, Flumen transforms wastes such as plastic and other biodegradable refuse, into a range of sustainable products with applications in the construction, agriculture, and wastewater management industries.

The firm provides pre-cast building materials, which utilize recycled or upcycled plastic waste, as a cost-effective, durable, and lightweight alternative.

Additionally, Flumen produces fertilizers derived from biodegradable waste, providing farms with an eco-friendly solution that reduces the need for harmful pesticides.

DespaQ, on the other hand, is an advanced intelligent document processing platform designed to assist companies to minimize time and effort required for document processing.

Founded by a team of experts in e-invoicing, the smart platform optimizes purchase-to-pay processes which enables businesses to streamline their document management workflows, improve efficiency, enhance productivity and enable them to focus on core operations.

Simultaneously, Hydrozon provides RE solutions to urban high-rise buildings through micro-hydropower electric (microhydro) technology, a small-scale harnessing of energy from flowing water sources.

Its product, Dischargy is installed in a building’s rainwater downpipe, and utilizes the natural flow of water to generate electricity, which reduces greenhouse gas emissions.

Hexacycle breeds and rears larvae of black soldier flies in state-of-the-art fly farms which efficiently upcycle organic waste like food scraps and agricultural residues.

The larvae are supplied to local fish farms as an eco-friendly and highly nutritious feed, promoting a circular economy and preventing waste from ending up in landfills.

Solarvest said the firm and its program partners are excited to support these start-ups as they embark on their entrepreneurial journey.

It said the collective effort aims to drive innovation, promote sustainability, and foster positive change to make a lasting impact on the environment and pave the way for a more sustainable future.

Solarvest which is listed in Malaysia, is a clean energy expert with a multi-national presence across Asia-Pacific.

The firm started as a one-stop solar photovoltaic system solution provider for residential, commercial and industrial, and utility-scale solar farms.

Today, the firm also owns renewable energy generation plants with a cumulative capacity of over 50MW (on-going and completed).

The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificates.

Malaysia’s Solarvest launches start-up program to encourage innovations in greentech, FinTech and renewable energy