- Wholly-owned subsidiary Future NRG to explore opportunities in the state to establish satellite palm biomass processing centres to treat and convert palm oil waste into resources and energy
Kuala Lumpur, Malaysia, 14 May 2014 – FITTERS Diversified Berhad (FITTERS; 辉德多元; Bloomberg: FIT:MK; Reuters: FITT.KL) is making headway in the Group’s renewable energy business, as its wholly-owned subsidiary Future NRG Sdn Bhd (Future NRG) signed a memorandum of understanding (MOU) with POIC Trading Sdn Bhd (POIC) to explore opportunities in Sabah to treat and convert palm oil waste
into resources and energy.
With the MOU, the Sabah State Government through POIC will jointly work with Future NRG to propagate the setting-up of satellite palm biomass processing centres that will collect and treat palm oil waste such as empty fruit bunches (EFB) from clusters of neighbouring palm oil mills.
Together, POIC and Future NRG will conduct feasibility studies with the intention of setting up such processing centres through build-operate-transfer or build-operate share business models.
Dato’ Richard Wong (黄瑞意), Managing Director of FITTERS Diversified Berhad said:
“We will be working closely with the Sabah State Government to convince palm oil millers to set up satellite palm biomass processing centres as an integral part of their operations system. The mills will certainly benefit from having a new revenue stream coming from the generation of resources from the palm biomass processing centres.
Using our “Green Mill” technology, this process not only enhances the profitability of palm oil mills, but also provides palm oil millers a zero-waste solution that helps maintain a sustainable environment.”
Read the full press release here.