Trive Property Group Berhad (TPGB) has signed a Joint Venture Agreement (JVA) with Jiangxi Fujing New Energy Technology (JFNET), a company incorporated in Mainland China. The JVA was on the incorporation of a joint venture company to be known as Daima Fujing New Energy Technology Sdn Bhd (DFNET) to conduct research and development, assembly, production, distribute and marketing of photovoltaic products such as solar cells, solar panels or solar modules including solar systems in design and storage of solar power.
Both parties have agreed to inject an initial capital sum of RM60 million to set up a production line in a new factory that would be decided later with mutual agreement. The Joint Venture (hereinafter as “JV”) will be searching for a readily-built factory most probably in Iskandar Region, Johor.
Doris Wong, the Director of TPGB having said that TPGB is optimistic about the future growth of the solar industry globally. This JV presents an opportunity for TPGB to maximize its shareholder values, meanwhile to align TPGB’s vision to move integrated towards a green energy company.
The final solar products being produced under this JV will be supplied to local markets and it is JV intention to penetrate into United States, Europe and the rest of the world market as well to reap into this rapid market growth of green energy market value.
According to a report from Navigant Research in 2015, global annual revenue from solar PV installations is expected to surpass USD151.6 billion in 2024. This JV attaches great importance in TPGB’s effort to mark a footprint not only in the China’s huge market growth but also to capture global market share with potential multi-million revenue yield.