PESTECH INTERNATIONA

PESTECH
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Pestech International Berhad Enters into Memorandum of Understanding with Hydrogène De France SA

05/24/2022 | 01:02am
Pestech International Berhad announced that the Company had on 23 May 2022 entered into a Memorandum of Understanding (“MoU”) with Hydrogène De France SA (“HDF Energy”) in relation to a potential collaboration on green hydrogen production from hydro power plants in Cambodia and Malaysia in order to address multi sectors decarbonation such as, among others, grids services and industrial application (“Project” or “Projects”). Under the MoU, the Parties shall co-operate jointly for the development works with respect to the Projects in the region of Malaysia and Cambodia as an initial phase. Due to its pioneer role in hydrogen, HDF Energy will take the lead on the project development scopes and sizing. PESTECH will take the role of local market liaison, and coordination, in synergies with HDF Energy. PESTECH will also be given the first right of refusal for the engineering, procurement, construction, and commissioning (“EPCC”) works subject to terms and conditions to be determined at a later stage on a project-by-project approach. The first right of refusal will depend of bankability criteria to be confirmed at later stage by international and local lenders. The MoU between the Parties will allow PESTECH to initiate its commitment towards contributing sustainable development through participation in green renewables initiatives. Hydrogen is one of the leading options for storing renewable energy in power generation and can become an alternative fuel for sustainable transportation by providing clean, reliable, safe, convenient and affordable energy. The collaboration with HDF Energy on green hydrogen production is expected to complement and align with the global transition for sustainable energy and net zero emissions in the power generation and rail electrification segments.
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