KUALA LUMPUR, Malaysia, March 20, 2025 (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 (PV) systems in Malaysia, is pleased to announce it has secured a contract worth RM11.6 million (approximately US$2.6 million) in Malaysia.
The Company is contracting with a prominent solar installation company by project size in Malaysia and has a solid track record in the industry. It is also a major supplier of solar PV mounting structural system that is designed in-house, and the sole supplier and implementor of ground mounted tracking system in Malaysia. Over the years, this solar company has invested in and completed several end-to-end solar PV projects and has provided business synergies and cost efficiencies, which has strengthened its credibility as a solar installer.
Founder Group will serve as a contractor, responsible for the design, engineering, procurement, supply, delivery, construction and commissioning of a roof-top solar PV generating facility with nominal capacity.
This partnership will be a construction contract that is expected to be completed in 2 years. Upon completion of the facility construction, the Company will sign an Operations and Maintenance agreement which will provide benefits over the next 15 to 21 years. In the past, Founder Group has secured contracts with this solar installation company for similar types of facilities and expects additional contracts from them over the next few years. This project is expected to be profitable with a double-digit profit margin.
“We are proud that we were able to secure this tremendous contract and continue our on-going partnership with a company that has become one of the premiere solar installation businesses in Malaysia. Both of our companies share the same vision of working together to support the country's renewable energy goals and promote a greener, more sustainable future. Additionally, this contract will provide opportunities for recurring revenue and margin growth which we expect will drive considerable value for our shareholders,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.
According to a recent research report by Kenanga issued on January 20, 2025, the Malaysian government has increased its renewable energy targets to achieve 40% (23GW) capacity by 2035, up from the current 27% (12GW). Solar is expected to power more than 80% of the 11GW growth required by 2035, as such the government has initiated a new wave of large scale solar (LSS) to accelerate the transition with another 2GW of capacity. In addition, at this time, the total value of EPCC contracts in the market has risen to RM12.4b, up from RM7.4b, which signals sustained sector activity through the end-2027.
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/.
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:
For media queries, please contact:
Founder Group Limited
info@founderenergy.com.my
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com