Ann Joo Resources Bhd has secured a RM37.4 million contract for a battery energy storage system (BESS) project in Bukit Kayu Hitam, Kedah.
The contract was awarded to its indirect wholly owned subsidiary, IAC Infrastructure Sdn Bhd, by Universal Peak Sdn Bhd, which is part of a consortium with Blueleaf Energy selected by the Energy Commission of Malaysia to develop the project.
In a filing with Bursa Malaysia, Ann Joo said the scope of works includes the design, engineering, procurement, construction, installation and testing of a 100MW/400MWh utility-scale BESS facility, along with related civil, mechanical, electrical and infrastructure works.
The project falls under the Energy Commission’s Malaysia Battery Energy Storage System (MyBeST) programme, which aims to strengthen the national power grid and support Malaysia’s transition towards a carbon-neutral energy system.
Ann Joo said the contract duration will be finalised with Universal Peak, and the project is expected to contribute positively to the group’s future earnings and net assets.
The group, traditionally known for manufacturing steel products such as billets, bars and wire rods, has also been expanding into the renewable energy space in recent years.
In August 2023, Ann Joo diversified into solar energy through Ann Joo Green Energy Sdn Bhd, partnering with JAKS Solar Power Sdn Bhd and Fabulous Sunview Sdn Bhd to secure a 29.99MWac quota under Malaysia’s Corporate Green Power Programme.
On Tuesday, Ann Joo shares closed down one sen or 1.47% at 67 sen, valuing the group at RM478.14 million.
