Energy & Technology

Deleum Bhd announced that its 90%-owned subsidiary, Turboservices Sdn Bhd, has won a six-year contract to service solar turbine turbomachinery for PETRONAS Carigali, the exploration arm of Petroliam Nasional Bhd (PETRONAS). The contract, which began on Nov 8, includes an option for a three-year extension. The contract value was not disclosed. Under the agreement, Turboservices will provide OEM-certified spare parts, preventive and corrective maintenance, troubleshooting, engineering and technical support, major equipment overhauls, refurbishment, repairs, and package system upgrades for the solar turbines used by PETRONAS Carigali. Deleum said the contract, funded from internal resources, is expected to positively impact the group’s revenue, earnings, and net assets throughout its duration. While the project carries risks such as occupational safety, execution challenges, and external factors like political or regulatory changes, the company said it is confident its expertise will help mitigate these risks. Shares of Deleum closed at RM1.21, down one sen or 0.82%, giving the company a market capitalization of RM485.88 million.

PT Agincourt Resources, operator of the Martabe gold mine in South Tapanuli, North Sumatra, is intensifying its expansion efforts with plans to acquire new mining assets and open additional pits across its 130,000-hectare contract area. The company aims to boost production in response to strong demand and surging gold prices. Vice-president director Ruli Tanio said last Thursday that Agincourt has begun looking beyond its current concession and is actively exploring opportunities to purchase operating mines. “Business development is always evolving. We are evaluating several acquisition prospects, but any asset we buy must meet the same operational standards applied at Martabe,” Ruli said. He noted that some potential assets already in operation had been rejected due to complex stakeholder challenges. Agincourt, a subsidiary of Astra International, is currently completing a US$540 million purchase of the Doup gold project in East Bolaang Mongondow, North Sulawesi, from PT J Resources Asia Pasifik. The deal is expected to close in December. The company is also eyeing opportunities in Australia as part of broader portfolio diversification. Ruli said Agincourt plans to increase output by developing prospects outside the main Martabe concession. The Gambir Kapur project, located about 50km away, could produce between 100,000 and 150,000 ounces of gold annually — though production is only expected after 2029. Other exploration areas include Rantau Panjang, South Angkola and West Angkola in North Sumatra, part of 14 prospects within Agincourt’s contract of work. However, the company has not yet decided whether future ore from these sites will be processed in new plants or transported to the existing Martabe facility, a decision that will influence project economics. In the near term, growth will still come from Martabe itself. Agincourt is preparing to develop the Tor Uluala pit, a roughly 50-hectare extension estimated to contain between 500,000 and 800,000 ounces of gold equivalent. Developing the new pit will require expanded infrastructure, increasing Martabe’s operational footprint from 650 hectares to about 900 hectares by 2034, including larger tailings and waste-management areas. Agincourt currently operates a processing plant capable of handling seven million tonnes of ore per year, producing around 200,000 ounces of gold and two million ounces of silver.

HE Group Bhd has secured a RM56.59 million subcontract to provide electrical services for a data centre project in Cyberjaya, the company announced on Thursday. The contract comes from an undisclosed “engineering, procurement and construction management (EPCM) company,” which HE Group described as a foreign-owned firm specialising in construction, civil engineering, and offshore oil and gas sectors. The project will be executed by the power distribution specialist’s subsidiary, Hexatech Engineering Sdn Bhd, under an eight-month subcontract agreement with the EPCM company. The contract was initially indicated in a letter of instruction issued on August 27, 2025, with an original value of RM56.7 million. Under the agreement, Hexatech Engineering will be responsible for delivering comprehensive electrical services for the data centre, including the installation, testing, and commissioning of the power distribution systems. The scope of work is expected to contribute positively to HE Group’s earnings over the eight-month contract period. The data centre project in Cyberjaya reflects the growing demand for high-quality, reliable electrical infrastructure to support Malaysia’s expanding digital economy and technology sector. Data centres have become a critical component of the country’s digital transformation, requiring specialised electrical systems to ensure continuous, efficient, and safe operations. HE Group noted that the EPCM company leading the project has extensive experience in large-scale engineering projects, particularly in sectors requiring high technical precision and operational reliability. This partnership underscores HE Group’s capabilities in providing electrical solutions for complex infrastructure projects, while also positioning the company to capitalise on the rapidly expanding data centre market in Malaysia. Shares in HE Group ended Thursday’s trading session 0.5 sen, or 1.41%, higher at 36 sen, giving the company a market capitalisation of RM158.4 million. The successful award of this subcontract is expected to strengthen investor confidence in HE Group’s operational and technical expertise, while contributing to the firm’s growth trajectory in the power distribution and data centre infrastructure segments.

Three agreements establishing Klang Valley’s first integrated reclaimed-water supply chain for data centres were officially signed on Thursday in a ceremony overseen by the Ministry of Energy Transition and Water Transformation (Petra). The agreements involve Air Selangor, Amazon Web Services (AWS), Indah Water Konsortium (IWK), and Central Water Reclamation Sdn Bhd (CWR), and were signed in the presence of Deputy Prime Minister and Petra Minister Datuk Seri Fadillah Yusof, Selangor Menteri Besar Datuk Seri Amirudin Shari, and AWS Asia-Pacific data centre operations director Dr Saji PK, Petra said in a statement. The initiative comes amid growing calls for data centres to diversify water sources through alternatives such as reclaimed water, rainwater harvesting, and recycled effluent, as Malaysia has seen a surge in water-intensive data centre projects over the past three years. Under the first agreement, Air Selangor will supply industrial reclaimed water to AWS, marking the first time reclaimed water will be used for data centre operations in Klang Valley. The second agreement formalises a bulk water supply arrangement between Air Selangor and CWR — a joint venture between Air Selangor and IWK — allowing reclaimed water to be produced and distributed through a dedicated reclamation facility. The third agreement sees IWK supplying treated effluent to CWR, which will then process it into reclaimed water for distribution. Datuk Seri Fadillah described the collaboration between federal and state authorities, utilities, and industry players as a clear example of how federal vision and state-level execution can deliver tangible benefits to Malaysians. He highlighted that the project aligns with Petra’s Water Sector Transformation 2040 (AIR 2040), which promotes treated effluent as a renewable resource to enhance national water security. To encourage wider adoption across industries, Petra said it is updating the legal and policy framework for reclaimed water while continuing to support initiatives such as the Corporate Renewable Energy Supply Scheme (CRESS), Green Electricity Tariff (GET), and rooftop solar self-consumption programs to help energy-intensive sectors reduce carbon emissions. Malaysia has become a key regional hub for data centre investments, but the substantial water requirements — mainly for cooling high-heat IT equipment — have raised concerns over the long-term sustainability of the sector.

Swift Bridge Technologies (MFG) Sdn Bhd is set to commence local production of certified electric vehicle (EV) chargers with a total investment of RM11.2 million over the next three years, making it Malaysia’s first domestic manufacturer of certified EV chargers. In a joint statement today, the Malaysian Investment Development Authority (MIDA) and Swift Bridge said the company will set up full production lines for AC chargers (7kW–22kW) and DC chargers (120kW–600kW), aiming to produce 10,000 AC units annually by 2026 and 1,000 DC units by 2028. MIDA CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid welcomed the initiative, describing it as a major step in strengthening Malaysia’s EV infrastructure. “This investment shows strong industry confidence in Malaysia’s policy direction under the New Industrial Master Plan (NIMP) 2030, Low Carbon Mobility Blueprint, and Green Investment Strategy,” he said. He added that the collaboration supports national goals to attract technology-driven investments, expand local supply chains, and create high-skilled jobs that contribute to Malaysia’s transition towards a sustainable, high-value economy. Swift Bridge will also invest in human capital, training over 200 Malaysian workers in the next three years. This includes roles in maintenance, commissioning, and field services, as well as engineers and technicians for product design, process engineering, and assembly operations. All chargers produced will be tested and certified by SIRIM QAS to meet Malaysian and international safety, reliability, and performance standards. Swift Bridge executive chairman Datuk SK Chong said the partnership with MIDA and SIRIM marks a significant milestone for the country’s EV sector. “We are proud to be Malaysia’s first local manufacturer of certified EV chargers, fully developed and assembled domestically. Together with our partners, we are creating jobs, nurturing talent, and strengthening local supply chains under a proudly Malaysian brand,” he added.

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.