by NUR HANANI AZMAN / graphic by MZUKRI MOHAMAD
BION plc, a provider of environmental engineering and renewable energy solutions, foresees the minimum additional RM50 million to RM100 million revenue from its merger with Green Lagoon Technology Sdn Bhd (GLT).
BiON, through its wholly owned subsidiary BiON Sdn Bhd (BSB), has inked a memorandum of understanding (MoU) with GLT to become the biggest biogas power plant operator in Malaysia.
BiON CEO and ED Datuk Syed Nazim Syed Faisal said post-merger, the special-purpose vehicle (SPV) will have a total of eight biogas power plants with a combined capacity of 13MW.
He said the plan is to list the SPV on the Main Board of Bursa Malaysia or other stock exchange within three years from the date of the shareholders’ agreement.
“Our target is to do the listing in Malaysia, but of course it depends on valuation, should we have better valuation abroad, we would like to see that option still open. But again, as a Malaysian company, we do believe listing in Malaysia is the target we want to achieve,” he told a virtual press conference yesterday.
Syed Nazim said the company’s near-term focus is to increase its installed capacity of biogas power plants and undertake various projects and initiatives in the waste-to-value space.
BSB also signed MoUs with Sirim Tech Venture Sdn Bhd (STV), a wholly owned subsidiary of Sirim Bhd, and LIPP Engineering Sdn Bhd (LESB), a company with German-based technology involved in renewable energy, to explore ventures in renewable energy projects including waste-to-energy (WTE) projects.
The MoU with STV is to explore cooperation in the distribution of gas through a virtual pipeline system, the establishment of a bioenergy hub to monetise agricultural and industrial waste and pilot test the production of bio-natural gas from existing biogas power plants. The MoU with LESB is to explore collaboration in BSB’s biogas business and the development of WTE projects.
“BiON is well-positioned as we have significant resources in this region that allows us to tap into as feedstock. This includes waste from various agricultural products as well as domestic and industrial waste,” he concluded.