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About Founder Group Ltd (FGL)
Founder Group Ltd (FGL) is a Malaysia-based company specializing in providing comprehensive Engineering, Procurement, Construction, and Commissioning (EPCC) solutions for solar photovoltaic (PV) facilities. Operating exclusively within the renewable energy sector, the company plays a pivotal role in advancing sustainable energy adoption in Malaysia by delivering tailored solar energy solutions to meet diverse client needs. With its expertise spanning large-scale solar projects and commercial & industrial (C&I) solar projects, Founder Group Ltd is well-positioned to address both utility-scale energy production and decentralized power generation for businesses.
Core Business Areas
The company’s operations are divided into two primary segments:
- Large-Scale Solar Projects: Founder Group Ltd develops utility-scale solar PV power plants with an installed generating capacity of 1 MWac or more. These projects cater to Malaysia’s growing demand for renewable energy at the national grid level, contributing to the country’s energy security and sustainability goals. By leveraging its end-to-end EPCC capabilities, the company ensures seamless project execution, from design and procurement to construction and commissioning.
- Commercial and Industrial (C&I) Solar Projects: The company also focuses on smaller-scale solar installations designed for commercial and industrial properties. These rooftop solar PV systems enable businesses such as factories, warehouses, and retail stores to generate electricity for on-site consumption, reducing energy costs and carbon footprints. This segment highlights the company’s adaptability in addressing the specific energy needs of different industries.
Market Position and Revenue Streams
Founder Group Ltd derives its revenue solely from the Malaysian market, positioning itself as a focused player in a region with increasing demand for renewable energy solutions. Its emphasis on both large-scale and C&I projects allows it to cater to a wide range of energy consumers, from government and utility providers to private businesses. This dual-segment strategy provides a balanced revenue stream, mitigating risks associated with over-reliance on a single market segment.
Competitive Landscape
In the highly competitive renewable energy sector, Founder Group Ltd differentiates itself through its end-to-end EPCC service model. By managing the entire project lifecycle, the company reduces complexity for its clients, ensuring cost efficiency and timely project delivery. Additionally, its focus on the Malaysian market allows it to develop localized expertise, further enhancing its competitive edge against international and regional competitors.
Significance in the Renewable Energy Industry
As renewable energy continues to gain traction globally, Founder Group Ltd’s contributions to Malaysia’s solar energy infrastructure are particularly noteworthy. Its large-scale solar projects support the country’s transition to cleaner energy sources, while its C&I solutions empower businesses to achieve energy independence and sustainability. By addressing both macro and micro energy needs, the company plays a crucial role in shaping Malaysia’s renewable energy landscape.
Conclusion
Founder Group Ltd (FGL) stands out as a key player in Malaysia’s renewable energy sector, offering tailored EPCC solutions for solar PV facilities. With its dual focus on large-scale and C&I projects, the company addresses diverse energy demands while contributing to the nation’s sustainability goals. Its market-specific expertise and comprehensive service offerings position it as a trusted partner for clients seeking efficient and reliable solar energy solutions.
Founder Group (NASDAQ: FGL) has secured a Letter of Award worth US$4.5 million (RM20 million) for the construction of a floating solar farm in Kuala Langat, Selangor, Malaysia. The project spans 24 acres and will generate 9.99MWac/15.033625MWp of solar power using floating photovoltaic (FPV) technology.
As a sub-contractor, Founder Group will provide labor, tools, materials, and equipment for General Conditions Preliminaries & Consultation. The floating solar farm, featuring panels mounted on floating platforms, is scheduled for completion by June 30, 2025. The project aims to reduce land usage while maximizing energy generation, contributing to land conservation and natural habitat preservation.
Founder Group (NASDAQ: FGL) has announced a strategic partnership with VC AI to develop AI-powered drones for solar farm inspections. The drones will feature VC.AI's proprietary generative AI software and deep learning algorithms, enabling autonomous identification of anomalies and defects in solar panels without human intervention.
The initiative targets the US$180 billion AI market and aims to enhance FGL's solar operations and maintenance services. The global drone-based solar inspection market is projected to reach US$3.8 billion by 2032 with a 16.5% CAGR, while the solar O&M market is expected to grow to US$16.4 billion by 2034 with a 10.1% CAGR.
Founder Group (NASDAQ: FGL) has secured a conditional Letter of Award worth approximately US$68 million for developing a 100-megawatt solar farm in Tanjung Malim, Malaysia. The 900-acre project will power an AI data center in Enstek City, with Founder Group serving as the EPC partner alongside Hexatoff Group.
The project aligns with Malaysia's National Energy Transition Roadmap and reflects the country's growing solar EPCC services industry, projected to reach US$350 million by 2026 with a CAGR of 23.5%. This development supports Malaysia's position as a leading hub for AI and digital infrastructure in Southeast Asia.
Founder Group (NASDAQ: FGL) announces plans to acquire an 80% stake in VES 1 Joint Stock Company (VES1), a Vietnamese renewable energy company specializing in solar projects. VES1's current portfolio includes 5.6MWp solar rooftop projects, with potential expansion rights for 50MWp/60MWh in 2025 and 58MWp/50MWh in 2026. The deal grants FGL exclusive rights to VES1's future rooftop solar and energy storage projects in Vietnam for three years. Vietnam's solar energy market is projected to reach US$12.4 billion by 2030, with a 16% CAGR from 2023-2030.
Founder Group (NASDAQ: FGL) has secured multiple Letters of Award (LOAs) for large-scale solar projects with a combined contract value of US$5.5 million. The company will provide full EPCC services, including DC and AC electrical systems, I&C systems, and civil works for both Corporate Green Power Programme projects and a utility-scale solar initiative.
Malaysia's solar EPCC services industry is projected to reach US$350 million by 2026, growing at a CAGR of 23.5%. The country aims to achieve 20% renewable energy mix by 2025, supported by initiatives like the Green Technology Financing Scheme and Solar for Rakyat Incentive Scheme (SolaRIS).
Founder Group (FGL) has secured a new USD$3.8 million contract through its subsidiary, Founder Energy Sdn Bhd, to develop a solar power system for a Malaysian higher education institution. The project includes full development, design, installation, construction, and commissioning of an on-site solar PV system, with completion expected within nine months. The contract aligns with Malaysia's National Energy Policy goal to increase renewable energy capacity from 25% to 70% by 2050. The company anticipates announcing additional EPCC solar PV projects as it expands operations in Southeast Asia.
Founder Group (FGL), a Malaysian solar PV facilities EPCC solutions provider, has successfully completed its initial public offering. The company offered 1,218,750 ordinary shares at $4.00 per share, raising total gross proceeds of $4.875 million. Trading commenced on the Nasdaq Capital Market on October 23, 2024, under the ticker symbol 'FGL'. US Tiger Securities served as the sole underwriter for the offering, which was conducted following SEC registration statement approval on September 30, 2024.
Founder Group (FGL), a Malaysian EPCC solutions provider for solar PV facilities, has announced the pricing of its initial public offering. The company is offering 1,218,750 ordinary shares at $4.00 per share, aiming to raise $4.875 million in gross proceeds before deductions. Trading will commence on Nasdaq Capital Market on October 23, 2024, under the symbol 'FGL'. The company has granted underwriters a 45-day option to purchase up to 182,813 additional shares. US Tiger Securities is serving as the sole underwriter, with the offering expected to close around October 24, 2024.
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