Founder Group, GCL Systems Sign $220M MoU to Pursue Renewable Projects Across ASEAN

U.S.-listed renewable energy company Founder Group Limited has entered into a memorandum of understanding (MoU) with China-based GCL Systems Integration Technology Co. Ltd. to explore renewable energy projects across Malaysia and other ASEAN countries, with a potential value of up to $220 million.

The companies announced that the collaboration will focus on the joint development of solar photovoltaic (PV) and energy storage initiatives in the region. Both firms will contribute technical expertise and internal resources to source projects, assess tender opportunities, prepare business proposals, and evaluate collaboration effectiveness.

Founder Group CEO Lee Seng Chi described the partnership as a strategic step forward, stating: “Leveraging GCL’s strong global reputation and expertise in solar PV and storage will be an integral part of this cooperation.”

The agreement does not constitute a binding contract but establishes a framework for further engagement. Any specific projects identified under the MoU will require separate definitive agreements outlining detailed responsibilities and financial commitments.

Founder Group, which has a market capitalization of $17.67 million and trailing twelve-month revenue of $20.2 million, has faced financial challenges, including a 71.2% drop in its stock price over the past year. The new partnership could offer a path to recovery through expanded regional operations and long-term growth opportunities in renewable energy.

Headquartered in Malaysia, Founder Group operates as an engineering, procurement, construction, and commissioning (EPCC) solutions provider, with a focus on large-scale solar farms and commercial rooftop installations.

GCL Systems, listed on the Shenzhen Stock Exchange, is a veteran solar technology firm established in 2003, known for its production of PV modules and energy storage systems.

In a related development, Founder Group recently secured a $2.6 million rooftop solar project in Malaysia. The contract includes design, engineering, procurement, and construction, with the project expected to be completed within two years. Following completion, Founder Group will enter into a 15- to 21-year operations and maintenance agreement. The company expects double-digit profit margins from the deal and sees it as a source of recurring revenue.

The announcement aligns with Malaysia’s national energy goals, which target 40% renewable capacity by 2035, with solar playing a key role. Founder Group said the project supports its long-term vision of contributing to the country’s energy transition and enhancing shareholder value.