Wednesday, May 22

GLT the first green tech firm to raise fund through equity crowdfunding

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KUALA LUMPUR: Green Lagoon Technology Sdn Bhd (GLT) is the first green technology company in Asean looking to raise funds through an equity crowdfunding platform.

The move will help the palm oil mills manage their biogas emissions and wastewater to generate renewable income streams.

GLT, a one-stop solutions provider that turns palm oil mill effluent into renewable energy, specialises in biogas trapping, harvesting, storage, treatment and utilisation.

Its chief executive officer, Chan Sow Keong, said the company was offering a 6.5 per cent stake for the purpose of exercising its call options in two existing 1MW biogas plants in Pahang.

“Through these exercise options, we also plan to increase stake to 40 per cent from the current 20 per cent for the two biogas plants,” he told reporters after the launch of its equity crowdfunding offer on CrowdPlus.asia yesterday.

Chan said GLT also intended to promote green technology to a wider audience as there were tremendous commercial opportunities and through investments in the company, the investors could play their part in combating climate change.

He said the GLT eyed about 20 projects by 2020.

As of now, GLT had identified four projects, three plants in Pahang and one in Kedah, he said.

Going forward, Chan said, the company aimed to raise between RM300 million and RM400 million from its initial public offerings in Australia and London by the first quarter of 2018 and in Hong Kong early 2019.

“We have spoken to a few leads and we intend to capitalise on them,” he said, adding that he was confident the investors were ready to fund these types of projects. — Bernama