The Clean energy expert, Solarvest Holdings Berhad (Solarvest), officially announces the five grant recipients selected for the Seed Grant Round of Solarvest Innovation Lab 2023 (SIL 2023). Out of more than 30 participants who applied following the program’s launch on 15th February 2023, Irradisol, Flumen, DespaQ, Hydrozon, and Hexacycle emerge as the winners.
SIL was established with the objective of nurturing, implementing, and commercializing local innovative business ideas in the fields of green technology (greentech), financial technology (fintech), and renewable energy (RE). The start-up program consists of two funding rounds. In the Seed Grant Round, the selected candidates receive RM10,000 to validate their business concepts within a six-month timeframe. Candidates with viable ideas then have the opportunity to progress into the Accelerator Funding Round, where they may receive a minimum capital of RM100,000 to execute their ideas within twelve months.
Mr. Davis Chong Chun Siong, the Executive Director and Group Chief Executive Officer of Solarvest, expresses his excitement for the upcoming months, as Solarvest, along with their program partners – Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Microsoft Malaysia Sdn Bhd (Microsoft Malaysia), 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. The collaboration with partners from diverse fields enriches the growth strategies of the selected start-ups and paves the way for their entry into the market.
Mr. Davis Chong Chun Siong further explains the selection process, mentioning that a panel of judges carefully assessed the quality of entrepreneurship, viability of proposed business propositions, and potential for a positive and meaningful impact on the environment. Each grant recipient presented a unique solution, addressing distinct challenges and offering innovative approaches. These solutions demonstrate high levels of creativity and problem-solving capabilities while effectively tackling various environmental problems.
Irradisol specializes in producing environmentally friendly solar photovoltaic (PV) products, with a focus on utilizing sustainable materials. Rather than relying on conventional materials, Irradisol pioneers the use of an innovative material derived from natural sources like sugarcane. This approach ensures that the materials used in their products are easily biodegradable, posing no risk of pollution to land, air, or water when disposed of.
Flumen specializes in the transformation of wastes, including plastic and other biodegradable refuse, into a diverse range of sustainable products suitable for the construction, agriculture, and wastewater management industries. Their offerings include pre-cast building materials that effectively utilize recycled or upcycled plastic waste, providing a cost-effective, durable, and lightweight alternative for construction purposes. Furthermore, Flumen produces fertilizers derived from biodegradable waste, serving as an eco-friendly solution for farms and reducing reliance on harmful pesticides.
DespaQ operates as an advanced intelligent document processing platform that assists companies in minimizing the time and effort needed for document processing. The platform was founded by a team of e-invoicing experts, and it leverages smart technology to optimize purchase-to-pay processes. By doing so, DespaQ enables businesses to streamline their document management workflows, enhance efficiency, improve productivity, and maintain a focused approach towards their core operations.
Hydrozon offers renewable energy solutions to urban high-rise buildings through micro-hydropower electric (microhydro) technology. This technology involves harnessing energy from flowing water sources on a small scale. Their product, Dischargy, is specifically designed to be installed in a building’s rainwater downpipe. By utilizing the natural flow of water, Dischargy generates electricity, resulting in a reduction of greenhouse gas emissions.
In their state-of-the-art fly farms, Hexacycle breeds and rears larvae of black soldier flies, effectively upcycling organic waste such as food scraps and agricultural residues. By supplying these larvae to local fish farms as an eco-friendly and highly nutritious feed, the company promotes a circular economy and prevents waste from being disposed of in landfills.
Solarvest and its program partners are excited about their role in supporting these start-ups as they embark on their entrepreneurial journey. The collaborative effort aims to drive innovation, promote sustainability, and foster positive change, making a lasting impact on the environment and paving the way for a more sustainable future.