Solarvest has officially announced five grant recipients for the Seed Grant Round of Solarvest Innovation Lab 2023 (SIL 2023).
Irradisol, Flumen, DespaQ, Hydrozon, and Hexacycle emerged as the five chosen recipients under the Seed Grant Round for SIL 2023. These selections were made from a pool of over 30 participants who applied following the launch of the programme on 15 February 2023.
SIL was established with the objective to cultivate, implement and commercialise local innovative business ideas in green technology (greentech), financial technology (fintech) and renewable energy (RE).
The start-up programme consists of two funding rounds. In the Seed Grant Round, selected candidates are provided with RM10,000 to validate their business concept within six months.
Following this, candidates with viable business ideas have the opportunity to progress into the Accelerator Funding Round, where they can potentially receive a minimum of RM100,000 in capital to execute their ideas within twelve months.
Executive Director and GCEO of Solarvest, Davis Chong said, “Over the coming months, Solarvest, along with our program partners, Malaysia Digital Economy Corporation (MDEC), Telekom Malaysia Berhad, OCBC Bank (Malaysia) Berhad, Microsoft Malaysia, Pitch Platforms Sdn Bhd (pitchIN), Alta Group Malaysia and Common Ground will provide extensive knowledge, expertise, and resources to support the development of these start-ups. Our collaboration with partners from diverse fields will enrich the growth strategies of these start-ups and facilitate their path to market.”
“The recipients of the grant were carefully selected by the panel of judges based on the quality of entrepreneurship, viability of their proposed business propositions and potential to make a positive and meaningful impact on the environment. Each solution presented by the recipients stands out on its own, addressing unique challenges and offering distinct approaches. These solutions tackle diverse environmental problems with innovative approaches, demonstrating high levels of creativity and problem-solving capabilities,” he added.
Irradisol specialises in the production of environmentally friendly solar photovoltaic (“PV”) products by utilising sustainable materials. Instead of using conventional materials, Irradisol employs an innovative material derived from natural sources such as sugarcane. As a result, these materials can easily biodegrade, posing no risk of land, air, or water pollution when disposed of.
Flumen transforms wastes such as plastic and other biodegradable refuse, into a range of sustainable products with applications in the construction, agriculture, and wastewater management industries. They provide pre-cast building materials, which utilise recycled or upcycled plastic waste, as a cost-effective, durable, and lightweight alternative. Additionally, Flumen produces fertilisers derived from biodegradable waste, providing farms with an eco-friendly solution that reduces the need for harmful pesticides.
DespaQ is an advanced intelligent document processing platform designed to assist companies to minimise time and effort required for document processing. Founded by a team of experts in e-invoicing, the smart platform optimises purchase-to-pay processes which enables businesses to streamline their document management workflows, improve efficiency, enhance productivity and enable them to focus on core operations.
Hydrozon provides RE solutions to urban high-rise buildings through micro-hydropower electric (“microhydro”) technology, a small-scale harnessing of energy from flowing water sources. Its product, Dischargy is installed in a building’s rainwater downpipe, and utilizes the natural flow of water to generate electricity, which reduces greenhouse gas emissions.
Hexacycle breeds and rears larvae of black soldier flies in state-of-the-art fly farms which efficiently upcycle organic waste like food scraps and agricultural residues. The larvae are supplied to local fish farms as an eco-friendly and highly nutritious feed, promoting a circular economy and preventing waste from ending up in landfills.