KUALA LUMPUR, Malaysia, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is proud to announce its strategic partnership with VC AI Limited (“VC.AI”) to co-develop advanced AI-powered Unmanned Aerial Vehicle (UAV) for solar farm inspections, ensuring the optimal performance of solar farms.
Beyond standard terrain mapping capabilities, thermal imaging cameras, and lightweight construction, the UAVs incorporate VC.AI's proprietary generative AI software and advanced deep learning algorithms. These technologies enable the UAVs to autonomously identify anomalies and detect defects or malfunctions in the solar panels during inspections, eliminating the need for human intervention. This significantly enhances the efficiency of solar farm inspections compared to traditional manual methods. By deploying AI-powered UAVs on both FGL's own solar farms and those of its clients, the company improves operational efficiency and optimizes its solar operations and maintenance (O&M) processes.
According to Statista, the global artificial intelligence (AI) market exceeded US$180 billion in 2024, reflecting a notable increase of nearly US$50 billion compared to 2023. This growth trajectory is set to continue, with the market projected to surpass US$800 billion by 2030. Similarly, the global market for drone-based solar inspection services is anticipated to reach US$3.8 billion by 2032, driven by a robust compound annual growth rate (CAGR) of 16.5% from 2024 to 2032. In parallel, the global solar operations and maintenance (O&M) market is projected to grow to US$16.4 billion by 2034, with a CAGR of 10.1% from 2024 to 2034, according to Transparency Market Research. These trends are fueled by advancements in drone technology, the increasing adoption of solar energy, and the growing recognition of UAVs as efficient and cost-effective solutions for inspections. As the development of solar farms and commercial solar installations accelerates, the demand for drone inspection services is expected to rise, reinforcing their critical role in the renewable energy sector.
“This partnership represents a transformative step in solar farm management, combining our expertise in solar EPCC solutions with VC.AI's cutting-edge AI technology. By integrating UAVs, we believe this will enhance our solar farm inspections, optimize solar O&M services, as well as unlock new opportunities for additional revenue streams,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company's primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company's mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon-neutrality.
For more information on the Company, please visit https://www.founderenergy.com.my/.
About VC AI Limited.
VC.AI is a one-stop AI solution that supports businesses in their AI adoption by providing advanced hardware, real estate for GPUs, AI large language model (LLM) development, and AI cybersecurity.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company's filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
CONTACT INFORMATION:
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