Energy & Technology

Leading homegrown power distribution specialist, Powerwell Holdings Berhad (“Powerwell” or the “Group”) (“佳电控股”), through its wholly-owned subsidiary Kejuruteraan Powerwell Sdn Bhd, has accepted a supply contract and purchase order (“PO”) to provide switchboards and components for a data centre project in Selangor, with a total combined value of RM9.5 million. Managing Director of Powerwell Holdings Berhad, Miss Catherine Wong Yoke Yen (黄玉燕), said: “The latest award highlights Powerwell’s continued role in supporting the nation’s growing demand for reliable power solutions in data centre developments. We are pleased to secure our third data centre project in this financial year, evidencing our expertise and capability in this space. The data centre industry in Malaysia is expanding rapidly, helped by the country’s competitive power costs and strong investment appeal.” She added: “With an estimated several gigawatts of total addressable capacity expected over the next five years, Powerwell aims to tap upcoming opportunities by leveraging its experience and technical capabilities. Our tender pipeline remains healthy as our team continues to actively explore more opportunities not only in data centre but also in the infrastructure and renewable energy sectors.” As of end-June 2025, the Group’s outstanding order book stands at around RM117 million, excluding this contract.

Singapore Exchange Catalist-listed Mooreast Holdings Ltd. (“Mooreast” or the “Group”) announced today that it will commence feasibility studies this month to develop large-scale renewable energy (“RE”) projects of up to 500 megawatts (“MW”) in Timor-Leste. The feasibility studies will proceed following Mooreast’s signing of a Letter of Intent (“LOI”) with the Secretario de Estado de Electricidade Agua e Saneamento (“SEEAS”), the secretariat for Electricity, Water and Sanitation under Timor-Leste’s Ministry of Public Works, to develop between 300 and 500 MW of floating RE over a five- to ten-year period. Mooreast said it will conduct due diligence and assess locations off Timor-Leste’s coastline suitable for generating energy from floating wind, solar, hydroelectric, tidal, current, and wave sources. The LOI forms part of a broader proposal for Mooreast to undertake a proposed RE Development Plan in two phases. The plan aims to accelerate the development of the country’s untapped RE resources, including excellent wind potential along the north and south coasts. Timor-Leste, a country of approximately 15,000 square kilometres that borders Indonesia and Australia, currently relies mostly on diesel-fired power plants to meet its energy needs. The nation has targeted 100% national electrification by 2030 through substantial diversification into RE. As part of the RE Development Plan, Mooreast will also be engaged to upgrade grid transmission and infrastructure for RE integration, establish pilot microgrids for remote communities, explore the potential to export power and hydrogen fuel, and introduce smart-grid technologies and energy storage systems. Mooreast will have 12 months of exclusivity to conduct feasibility studies, evaluate, and propose commercial and financing models. Both parties are then expected to enter into a formal Project Development Agreement (“PDA”), likely in the first half of 2026. The PDA is expected to cover: i) joint ventures to develop the projects; ii) establishing investment and financing models, including green finance and fiscal incentives as well as co-investment opportunities with sovereign funds and financial institutions; iii) defining the responsibilities of the state-owned electricity and energy company, Electricidade de Timor-Leste (“EDTL”), regarding necessary rights and permits; iv) defining the role of Mooreast, including for Engineering, Procurement, Construction and Installation (“EPCI”) and floating RE; and v) the terms of long-term Power Purchase Agreements. A specialist in the offshore and marine sector providing mooring and rigging solutions, Mooreast is Asia’s only ultra-high power anchor designer and manufacturer. The company has been expanding its presence in Europe and Asia amid the increasing commercialisation of floating wind energy projects worldwide. Mr Eirik Ellingsen, CEO of Mooreast, said: “Timor-Leste has significant potential for floating renewable energy, which can be harnessed for economic growth and to achieve national goals of electrification and sustainability. We are excited by the opportunity to leverage our capabilities and networks to achieve a win-win formula.”

NuEnergy Holdings Bhd has secured two letters of award totaling RM270 million to design, construct, and commission a 65MWp solar photovoltaic (PV) plant integrated with a 200MWh battery energy storage system (BESS) in Pasir Gudang, Johor. The announcement was made via a Bursa Malaysia filing on Friday. The awards, which cover engineering, procurement, construction, and commissioning (EPCC) services, were issued by Binastra Green Energy Sdn Bhd, a wholly owned subsidiary of Binastra Corporation Bhd. Of the total contract value, RM216 million is allocated for procurement, while RM54 million covers engineering, construction, and commissioning services. The project is slated for completion by the second quarter of 2026. NuEnergy, formerly known as ILB Group Bhd, specialises in the solar renewable energy sector, operating utility-scale solar power plants and offering turnkey EPCC services for solar projects. The latest contract is expected to bolster the company’s position in Malaysia’s growing renewable energy market and expand its project portfolio, highlighting its capability to deliver large-scale, integrated solar-plus-storage solutions. The company said the project aligns with its long-term strategy to focus on high-value renewable energy developments and strengthen its track record in providing sustainable energy solutions for industrial and commercial clients. Following the announcement, NuEnergy shares rose three sen or 4.3% to close at 72.5 sen on Friday, giving the company a market capitalisation of RM141.4 million. This contract marks a significant milestone for NuEnergy as Malaysia accelerates its renewable energy transition under the country’s commitment to sustainable energy growth and decarbonisation. The integrated solar-and-battery project in Pasir Gudang will not only contribute to clean energy generation but also enhance grid stability and energy storage capabilities for the region.

Armis, the cyber exposure management and security company, today announced a pre-IPO funding round of US$435 million, bringing the company’s valuation to $6.1 billion. The round was led by Growth Equity at Goldman Sachs Alternatives with major participation from CapitalG, and was joined by new investor Evolution Equity Partners, alongside several existing investors. The investment round comes amid continued growth, with the company recently surpassing $300 million in Annual Recurring Revenue (ARR), growing over 50%. Armis has worked with over 40% of the Fortune 100, including 7 of the Fortune 10, and helps protect leading organisations around the globe, including manufacturers, airlines, financial services firms, healthcare institutions, and state and federal agencies. Yevgeny Dibrov, CEO and Co-Founder of Armis: “This round marks another defining moment in our journey to build a category-defining cybersecurity company. Our growth proves that organisations are embracing a unified, exposure-based approach to security, and the round signals investors’ belief in Armis as a leader in cybersecurity. At the heart of Armis is a team driven by one goal: putting our customers first.” The additional capital comes to fuel Armis’ momentum as it executes on its three-year plan, with Armis projecting to reach $1 billion in ARR and undertaking preparations for an initial public offering. The funding will also support continued product innovation, go-to-market expansion, and strategic acquisitions. Over the past two years, Armis has completed three M&A deals, expanding its capabilities across cloud, AI, and operational technology security. These acquisitions are already generating millions in incremental revenue, and the company continues to evaluate new opportunities for both organic and inorganic growth. Irit Kahan, Managing Director in Growth Equity at Goldman Sachs Alternatives: “Armis is a truly differentiated cybersecurity platform with exceptional growth momentum. We believe the platform is redefining cyber exposure management by providing a comprehensive and unified layer of visibility, turning blind spots into sources of intelligence. Led by an exceptionally strong founding team, with a customer-centric culture, the company has successfully partnered and is growing with the largest global enterprises and public sector organisations.” Derek Zanutto, General Partner, CapitalG: “Ever since our first investment in Armis back in 2019, we’ve repeatedly doubled down on the company, as our conviction in its technology, its leadership, and its potential has only grown stronger. Armis is on the path to building a multi-generational cybersecurity titan. We feel privileged to continue partnering with Yevgeny, Nadir, and the entire leadership team as they accelerate toward the goal of $1 billion in ARR and, eventually, an IPO.” Founded in 2016, Armis secures the unseen connections that power modern society, protecting the full attack surface and managing cyber risk in real time from ground to cloud for critical infrastructure worldwide. The Armis Centrix™ platform delivers continuous visibility, intelligence, and control across every asset and environment, enabling organisations to stay ahead of threats and ensure the safety and resilience of essential services, economies, and daily life around the clock.

KUALA LUMPUR, Petroliam Nasional Bhd (Petronas) has signed a 20-year agreement with Canada’s Pembina Pipeline Corporation for one million tonnes per annum (mtpa) of liquefaction capacity at the Cedar LNG project, marking a key step in expanding its global liquefied natural gas (LNG) portfolio. In a statement, Petronas said the deal — structured as a synthetic liquefaction service agreement — will see Pembina provide both transportation and liquefaction capacity to Petronas LNG Ltd for two decades. The partnership allows Petronas to secure an additional export channel for its substantial upstream investments in Canada, while providing Pembina with a stable, long-term revenue stream under a take-or-pay structure. “The agreement reflects the shared commitment of both Pembina and Petronas to unlocking the long-term potential of Canadian LNG, bolstering energy security and advancing the transition towards cleaner fuels in Asia,” Petronas said. Petronas Gas and Maritime Business vice-president of LNG marketing and trading Shamsairi M Ibrahim said the collaboration reinforces Petronas’s commitment to its Canadian investments and its efforts to strengthen its global LNG supply network. “This partnership with Pembina and the Cedar LNG project underscores our role as an integrated energy company and demonstrates our dedication to responsibly monetise gas resources. It enhances supply diversity, improves reliability, and supports Asia’s growing demand for low-carbon energy solutions,” he added. Pembina’s senior vice-president and corporate development officer Stu Taylor said the agreement highlights continued strong global demand for LNG export capacity. “This partnership validates Cedar LNG’s strategic importance and showcases the advantages of Canadian West Coast LNG — from competitive feedstock pricing to shorter shipping routes to Asian markets. It also deepens our longstanding relationship with Petronas,” he said. Pembina said it expects to finalise agreements for the remaining 0.5 mtpa of Cedar LNG’s capacity by the end of 2025. The US$4 billion project remains on schedule and within budget, with commercial operations expected to begin in late 2028.

China’s biggest oil refiner, Sinopec Group, is reportedly in talks to acquire China National Aviation Fuel Group Co (CNAF), the country’s main jet fuel supplier, according to sources familiar with the matter. The discussions, initiated by Beijing, are part of efforts to streamline the nation’s energy and fuel distribution sectors, said the sources, who requested anonymity as the talks remain private. The negotiations are ongoing, with no fixed timeline or assurance that a deal will be finalised. Sinopec — also known as China Petrochemical Corp — refines both imported and domestic crude oil and currently supplies jet fuel to CNAF, which oversees the nation’s airport refuelling network. CNAF also manages imports and exports of jet fuel through subsidiaries, including its 51%-owned China Aviation Oil (Singapore) Corp. If the merger proceeds, Sinopec is expected to take over CNAF’s assets and operations, consolidating control over China’s jet fuel supply chain. The potential merger comes as China’s aviation industry rebounds strongly from the pandemic, with flight activity surging and jet fuel demand projected to exceed 40 million tonnes this year — roughly one million barrels per day, valued at about US$30 billion (RM125.9 billion). China Aviation Oil (Singapore) confirmed in a stock exchange filing that its controlling shareholder is undergoing a “corporate restructuring with another conglomerate,” though it did not name the other party. The company added that the restructuring remains subject to regulatory approvals and will not affect its daily operations. Neither Sinopec nor CNAF have issued official comments regarding the merger discussions.

SEOUL, South Korea has announced plans to overhaul its steel industry as the sector grapples with growing challenges from international tariffs and persistent oversupply, the Ministry of Trade, Industry and Energy said on Tuesday. According to the ministry, the restructuring initiative will focus on improving the industry’s overall competitiveness and resilience amid mounting global trade pressures. The United States and the European Union have recently imposed higher tariffs on steel imports, placing added strain on South Korean producers who are already contending with declining margins and weaker global demand. The ministry said the government will take pre-emptive measures to adjust production capacity for steel products facing excess supply, in an effort to stabilise prices and improve operational efficiency across the sector. In addition, financial aid and policy support will be expanded to help exporters mitigate the impact of tariffs and maintain access to key international markets. Authorities are also considering targeted investments in advanced steelmaking technologies and environmentally sustainable production methods to help local companies transition toward greener and higher-value products. “The restructuring plan aims to ensure the long-term stability and competitiveness of Korea’s steel industry, particularly in light of global market changes and trade barriers,” the ministry said. Industry observers note that South Korea, one of the world’s top steel exporters, has been under increasing pressure to adapt as the global market faces slower growth and heightened protectionism. The government’s move is seen as a step toward balancing industrial capacity while fostering innovation and sustainability within the steel sector.

KUALA LUMPUR, Italy’s Eni and Petroliam Nasional Bhd (Petronas) have signed a binding agreement to establish a jointly owned company (NewCo), combining their upstream oil and gas assets in Indonesia and Malaysia. The agreement, which follows the framework pact inked in June 2025, will see both parties hold equal stakes in NewCo, which will manage 19 assets — 14 in Indonesia and five in Malaysia — representing substantial enterprise value. According to Eni, NewCo will be a financially independent entity with plans to invest over US$15 billion (US$1 = RM4.18) within the next five years. Eni chief executive officer Claudio Descalzi said the collaboration would leverage existing production assets and development initiatives in Indonesia’s Kutei Basin and offshore Malaysia, targeting over 500,000 barrels of oil equivalent (boe) per day in the mid-term. “This partnership will generate significant value for Eni, Petronas, as well as for Indonesia and Malaysia, driven by our strong exploration capabilities and track record in delivering efficient, high-value projects,” he said. Through NewCo, both companies will merge their complementary portfolios, technical expertise, and regional experience to drive operational excellence, long-term value creation, and leadership in the energy transition. The planned US$15 billion investment will fund at least eight new development projects and 15 exploration wells, aiming to develop around three billion boe of discovered reserves and unlock an estimated 10 billion boe in potential resources. NewCo will integrate a large portfolio of gas-producing and development assets across both countries, starting with more than 300,000 boe per day in production and targeting over 500,000 boe per day in the medium term. The venture aligns with Eni’s “satellite model” strategy, following successful partnerships such as Vår Energi in Norway, Azule Energy in Angola, and Ithaca Energy in the United Kingdom. Both companies will now seek the necessary regulatory, government, and partner approvals in Malaysia and Indonesia, with the deal expected to close in 2026.

KUALA LUMPUR, Enproserve Group Bhd has clinched a two-year contract from Petronas Carigali Sdn Bhd to provide maintenance services for onshore pipeline facilities along the east coast of Peninsular Malaysia. In a statement on Friday, the mechanical and civil engineering firm said the contract, awarded to its subsidiary Enproserve (M) Sdn Bhd on Oct 7, covers preventive and corrective maintenance, emergency repairs, civil works, onshore coating services, and upkeep of the cathodic protection system. The company noted that the contract value will be determined based on work orders issued by Petronas Carigali over the contract period. “This project strengthens our upstream onshore capabilities and aligns with our commitment to deliver safe, reliable, and efficient maintenance solutions,” said Enproserve group CEO Mohd Nizam Yaakub. Shares of Enproserve closed half a sen or 2.13% lower at 23 sen on Friday, valuing the group at RM241.5 million.

KOTA KINABALU, Sabah has officially completed the acquisition of a 25% equity stake in Petronas PFLNG 3 Sdn Bhd, marking a significant step forward in the state’s efforts to strengthen its participation in Malaysia’s oil and gas sector and deepen collaboration with Petroliam Nasional Bhd (Petronas). Chief Minister Datuk Seri Hajiji Noor said the move, executed through SMJ Energy Sdn Bhd — Sabah’s state-owned energy company — in partnership with Petronas LNG Sdn Bhd, represents a major milestone in enhancing Sabah’s role in upstream and downstream energy ventures. “This acquisition not only reinforces the close working relationship between Sabah and Petronas, but also sets the foundation for future strategic collaborations in the oil and gas industry,” Hajiji said in a statement on Friday. Petronas PFLNG 3 is currently developing a US$3.1 billion (RM13 billion) nearshore floating liquefied natural gas (FLNG) facility located at the Sipitang Oil and Gas Industrial Park (SOGIP). Designed to produce two million tonnes of LNG annually, the project is scheduled to commence operations in the second half of 2027. Hajiji said the state’s participation in PFLNG 3 aligns with Sabah’s broader ambition to secure a stronger foothold in key energy projects within its borders, ensuring greater revenue generation and long-term sustainability for its energy sector. The equity acquisition follows the signing of a heads of agreement between SMJ Energy and Petronas LNG Sdn Bhd in July 2025, witnessed by Hajiji and Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik in Kuala Lumpur. “With this partnership, Sabah is taking concrete steps towards becoming a significant player in Malaysia’s LNG industry. It reflects our commitment to developing local capacity, encouraging technology transfer, and ensuring that the people of Sabah benefit directly from the state’s natural resources,” Hajiji said. The latest acquisition adds to SMJ Energy’s expanding investment portfolio, which already includes a 50% participation interest in the Samarang Production Sharing Contract, a 10% stake in Petronas LNG 9 Sdn Bhd, and 25% equity in Petronas Chemicals Fertiliser Sabah Sdn Bhd (SAMUR). In addition, SMJ Energy fully owns Sabah International Petroleum Sdn Bhd (SIP), which manages strategic offshore assets such as floating production storage and offloading (FPSO) and floating storage and offloading (FSO) vessels — key infrastructure supporting the state’s growing energy operations. Hajiji added that the state government will continue exploring new partnerships with Petronas and other major players to advance Sabah’s participation in sustainable energy development, boost industrial activity at SOGIP, and enhance the state’s position as a regional energy hub.