Founder Group Signs $220M MoU With GCL for ASEAN Renewable Projects

Founder Group Limited, a U.S.-listed renewable energy company based in Malaysia, has signed a memorandum of understanding with China-based GCL Systems Integration Technology Co. Ltd. to explore renewable energy projects, including solar photovoltaic and energy storage initiatives, across Malaysia and other ASEAN countries with a potential value of up to $220 million. The partnership aims to leverage GCL's global expertise in solar PV and storage technology alongside Founder Group's engineering and project execution capabilities. Both companies will jointly source projects, assess tenders, prepare proposals, and periodically evaluate their collaboration, though specific projects will require separate definitive agreements. Founder Group has faced financial difficulties, including a significant stock price decline over the past year, and this partnership may provide new growth opportunities in the renewable energy sector. GCL Systems, a publicly traded firm on the Shenzhen Stock Exchange, is recognized for its high-efficiency solar products and integrated energy solutions. Recently, Founder Group also secured a $2.6 million rooftop solar project in Malaysia, signaling ongoing progress in its renewable energy ventures.