Energy Storage System (ESS)
Energy Storage System (ESS)
Business Model Description
Invest in companies that offer B2B Energy Storage System (ESS) solutions to electric utility providers such as TNB and independent power producers, generating revenue streams from equipment sales, service fees and from selling stored electricity to the grid using Power Purchase Agreements (PPA) and Energy Savings Agreements (ESA) and energy management platforms. Examples of companies active in this space are:
Ditrolic Energy provides fully integrated Battery ESS solutions that enable peak shaving, load shifting, demand response and microgrid applications. Their solutions can be obtained through direct purchase or PPAs. In 2020, Ditrolic Energy secured a USD 15.16 million loan from Maybank for its SunLease programme (17).
Citaglobal Genetec BESS Sdn Bhd is a JV between the MNC Citaglobal Berhad and Genetec Technology to provide large-scale ESS solutions through its 1MW MYBESS prototype, which was successfully piloted in December 2022. The JV will increase the share capital of CG BESS by the 2nd quarter of 2023, where Genetec and Citaglobal shall each subscribe for 249,500 new shares for a sum of USD 108,000 (18).
Cenergi SEA Sdn Bhd: a renewable energy company that is involved in developing energy storage solutions for renewable energy projects. The company's products include battery storage systems and smart energy management systems. Cenergi SEA Sdn Bhd's revenue is estimated at USD 17.7 million (41).
Expected Impact
Improve energy security and supply stability, as well as the energy system reliability and resilience, increase the energy efficiency of economic activities and enhance the low-carbon economy.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Malaysia: Johor
- Malaysia: Selangor
- Malaysia: Penang
Sector Classification
Renewable Resources and Alternative Energy
Development need
To meet its Green House Gas (GHG) emission reduction targets Malaysia's energy-intensive economy needs to integrate resource efficiency, especially for water and energy, both on the supply and the demand sides (1, 2). Waste and recycling management is also crucial, especially waste-to-energy projects to reduce the waste volume by approximately 90 per cent (1, 11).
Policy priority
Malaysia aims to increase its renewable energy share to 40 per cent by 2035 and decrease its economy-wide carbon intensity by 45 per cent by 2030, including within the energy sector, pursuant to its NDC (3, 20). In that regard, the priority is to enhance energy efficiency for residential, commercial and industrial, as well as solar, bioenergy, hydropower, and new technologies as enablers (2, 3).
Gender inequalities and marginalization issues
Women are underrepresented in the energy sector, due to their lower enrolment in STEM and engineering studies than their male counterparts, and a more difficult work-life balance for women, due to their responsibility within the household (4). Additionally, air pollution has a negative effect on the urban population (12). Finally, climate change endangers the national food security and smallholders' revenues (16).
Investment opportunities introduction
Malaysia has a partially untapped potential for renewable energy constituted of 269 GW for solar, 13.6 GW for hydropower, 3.6 GW for bioenergy, including biomass, and 229 MW of geothermal, representing a cumulative investment over the period 2021-2025 of RM 19.93 billion (USD 4.36 billion) and creating 28,416 new jobs (3).
Key bottlenecks introduction
As of today, Malaysia's energy needs are mainly dependent on fossil fuels, reinforced by existing subsidies (1, 3). Additionally, the energy field cuts across many sectors. Poorly coordinated regulatory policies and frameworks prevent strong private sector engagement in green energy opportunities (1).
Alternative Energy
Development need
To reach 45 per cent reduction in GHG emissions, Malaysia needs to lower the energy sector's emissions (representing 80 per cent of GHG emissions) and address its fossil fuel dependency (13). In 2021, 56 per cent of the energy mix came from coal and 7.24 per cent from renewables (1, 3, 12, 19). The expected temperature rise will push Malaysia to build a climate-resilient energy sector (5).
Policy priority
Malaysia's goal is to become a low-carbon economy (13). The country targets 31 per cent of renewable resources by 2025 (40 per cent by 2035), 45 per cent reduction in the power sector's emissions by 2030 compared to 2005 levels, pursuant to its NDCs engagement, and 15 per cent decrease in national energy consumption by 2030 (3, 6, 20). Malaysia also prioritizes green transition of business and green growth (7).
Gender inequalities and marginalization issues
Women are disproportionately affected by climate change while bearing the responsibility of household work (8). Specific vulnerabilities induced by climate change such as flooding, erosion of coastline etc. can marginalize communities. East coast of Peninsular Malaysia is more vulnerable to floods and recently higher precipitation experienced on the West coast (5).
Investment opportunities introduction
Four programmes support the development of renewable energies: the Feed-in Tariff scheme, the Large-Scale Solar auction, the Net Energy Metering, and Self-consumption (3). A RM 10 million (USD 2.2 million) worth fund will be created to finance renewable energy sector (9), and the Green Technology Tax Incentives will be prolonged until 2023 (14).
Key bottlenecks introduction
The sector regulations are numerous and technical, with multiple regulatory authorities involved in the monitoring of the different activities (10). Other challenges are access to finance for solar PV rooftop projects and their high prices compared to non-renewable energy, access to grid issues for bioenergy projects, and difficult approval process for mini hydro (3).
Fuel Cells and Industrial Batteries
Pipeline Opportunity
Energy Storage System (ESS)
Invest in companies that offer B2B Energy Storage System (ESS) solutions to electric utility providers such as TNB and independent power producers, generating revenue streams from equipment sales, service fees and from selling stored electricity to the grid using Power Purchase Agreements (PPA) and Energy Savings Agreements (ESA) and energy management platforms. Examples of companies active in this space are:
Ditrolic Energy provides fully integrated Battery ESS solutions that enable peak shaving, load shifting, demand response and microgrid applications. Their solutions can be obtained through direct purchase or PPAs. In 2020, Ditrolic Energy secured a USD 15.16 million loan from Maybank for its SunLease programme (17).
Citaglobal Genetec BESS Sdn Bhd is a JV between the MNC Citaglobal Berhad and Genetec Technology to provide large-scale ESS solutions through its 1MW MYBESS prototype, which was successfully piloted in December 2022. The JV will increase the share capital of CG BESS by the 2nd quarter of 2023, where Genetec and Citaglobal shall each subscribe for 249,500 new shares for a sum of USD 108,000 (18).
Cenergi SEA Sdn Bhd: a renewable energy company that is involved in developing energy storage solutions for renewable energy projects. The company's products include battery storage systems and smart energy management systems. Cenergi SEA Sdn Bhd's revenue is estimated at USD 17.7 million (41).
Business Case
Market Size and Environment
> USD 1 billion
10% - 15%
As of 2021, 517 Public Licenses for Renewable Energy (RE) Generation license holders issued (45).
Malaysia requires at minimum USD 8 billion in investments to address Renewable Energy Targets. Broader Energy Management systems expected to yield a revenue CAGR of 14 per cent for 2022 - 2027. Five units of BESS with a capacity of 100MW planned for installation annually in 2030-2034 for peninsular Malaysia. This means 500 MW of storage units will be developed over the time period (36).
The implementation of BESS' support the growth of the renewable energy (RE) capacity, which is now expected to be 70 per cent of overall capacity generation by 2050 (25). The country's first locally produced and manufactured one-megawatt BESS was unveiled on April 11, 2023 (26).
Indicative Return
5% - 10%
Expert stakeholders have indicated that given the more longer-term payback exceeding traditional holding periods of 5- 7 years of this area, funding secured through a bond issuance may be more helpful for attracting investors.
Solar Power Plant Operator reNikola Sdn Bhd issued a USD 86.63 million green sukuk in 2021. The average coupon rate/interest rate spread for all tranches stood at 2.68 per cent amid a 1.75 per cent interest rate in 2021. May 2023 saw 3 per cent interest rate regime in Malaysia, it is 1.43 per cent.
Tenaga Nasional Power Generation issued a USD 333.19 million green sukuk in 2022. average coupon rate/interest spread at the point of issuance was 2.98 per cent amid an interest rate of 2 per cent. May 2023, this has narrowed to 1.98 per cent amid an interest rate environment of 3 per cent.
UiTM Solar Dua issued a USD 22.22 million green sukuk 2021. The average coupon rate/interest rate spread of all tranches at issuance was 2.49 per cent, while as of May 2023 it is 1.24 per cent. In all examples highlighted, the competitiveness of the bonds issued was higher at the point of issuance as there were lower and more favorable interest rates.
The competitiveness of bonds has declined, owing to higher interest rates. This is a broader trend for bonds, which are facing downwards pressure amid a high interest rate climate.
Investment Timeframe
Long Term (10+ years)
Expert stakeholders have indicated that while there have been many technology advances in this area, investor perception of commercial potential still has a conservative slant. A long-term investment would be more appealing in the context of Malaysia, where fossil fuels are currently cheaper than other forms of RE due to heavy subsidies provided.
Ticket Size
Price would be dependent on BESS capacity. and type. Costs can range between USD 550,000 to USD 700,000 (per unit cost) (23).
Market Risks & Scale Obstacles
Business - Business Model Unproven
Capital - CapEx Intensive
Impact Case
Sustainable Development Need
Energy security needs to be strengthened through the development of a flexible, stable and diversified energy system, able to accommodate peak demand (by 2035 an estimated 5.7 GWh of energy storage will be required to maintain the system stability) (13, 3).
To accommodate the growing energy demand (final energy demand grew at an average of 6 per cent per annum between 2010 and 2018) and reduce its environmental impact, energy savings need to be increased (the objective is to reach 52,233 GWh of savings over the period 2016-2025) (1, 2, 13).
The energy sector accounts for 80 per cent of emissions in Malaysia, mainly due to energy production and transportation. Aiming to reach a 45 per cent emission reduction, the energy sector's carbon-intensity constitutes an obstacle for the government and the country's net-zero commitments (1, 6).
Gender & Marginalisation
The number of women employed in the electricity, gas, steam and air conditioning supply field is 13 times lower than men, with 5,300 female and 72,300 male employees in 2021 (representing 0.1 per cent and 0.8 per cent of total female and male employment, respectively) (31).
Electricity outages are four times higher in Sabah than in Peninsular Malaysia (32).
Expected Development Outcome
Development of energy storage solutions contributes to the stability and flexibility of the energy system, enhancing the national energy security (13, 3).
Enhanced energy storage systems enable accommodating peak demand, particularly between 19:00 and 21:00 hours every day, by improving the storage and supply of the energy produced during the day (3).
Improved energy storage systems increase energy efficiency in Malaysia and contributes to the target of 8 per cent reduction in energy demand by 2025 (13).
Gender & Marginalisation
The Government announced the creation of 14,000 new jobs in the energy sector through the development of renewable energy, creating new opportunities for women's employment as the objective is to ensure 30 per cent of workforce is women in all sectors (33, 34).
Through increased energy storage, power outage can be reduced, contributing to the establishment of better business and living conditions, including for the population in Sabah (40, 32).
Primary SDGs addressed
7.1.2 Proportion of population with primary reliance on clean fuels and technology
7.2.1 Renewable energy share in the total final energy consumption
7.3.1 Energy intensity measured in terms of primary energy and GDP
Superior to 95 per cent in 2020 (35).
23 per cent of renewable energy in 2021 (3), representing 5.1 per cent of the final energy consumption in 2019 (35).
in 2019, 4.25 megajoules per constant 2017 Purchasing Power Parity GDP (35).
31 per cent or 12.9 GW of renewable energy by 2025, and 40 per cent or 18.0 GW by 2035 (3).
12.2.1 Material footprint, material footprint per capita, and material footprint per GDP
In 2017, 22.6 tonnes per capita (29).
13.2.2 Total greenhouse gas emissions per year
In 2021, annual CO2 emissions reached 256.05 million tonnes (excluding land use change) (27).
Unconditional target of 45 per cent reduction in carbon intensity against GDP by 2030 compared to 2005 levels (20).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Corporates
Public sector
Outcome Risks
Energy storage solutions might have negative environmental impact if the production and recycling of batteries are not planned carefully.
Because of increased access to energy, especially during peak hours, the overall energy consumption in Malaysia might increase.
Unless accompanied by a shift of behavior towards more sustainable energy use, energy demand might continue to rise and energy storage solutions might be able to accommodate the rising demand only.
Gender inequality and/or marginalization risk: Without adoption of inclusive measures within the regulatory ecosystem, women and local communities will remain excluded from new jobs created.
Impact Risks
Technical challenges, such as management software issues, affecting the performance of storage systems might limit impact creation.
If the energy storage systems are not built to solve energy efficiency related challenges as planned, the expected impact might not occur.
If the materials and location of energy storage systems are not appropriately chosen, natural hazards such as floods or droughts might significantly hurt the impact creation.
Impact Classification
What
Energy storage solutions to enable greater energy efficiency and increased energy security leading to a more reliable energy supply, especially during peak hours.
Who
People engaged in the energy sector, general population, especially inhabitants of the State of Sabah and women benefitting from gender-inclusive job quotas.
Risk
Technical issues such as management software failure, lack of energy efficiency integration in the enterprise model, use of unadopted materials need to be considered for impact to occur.
Contribution
Energy Storage Systems contribute to the objective of achieving savings of 52,233 GWh of electricity by 2025 and of 41 per cent reduction in emissions from the power sector by 2030 (2, 6).
How Much
Between 2030-2034, the construction of 5 Battery Energy Storage System units with a capacity of 100 MW is planned in Peninsular Malaysia (36), contributing to the 8 per cent energy savings target.
Impact Thesis
Improve energy security and supply stability, as well as the energy system reliability and resilience, increase the energy efficiency of economic activities and enhance the low-carbon economy.
Enabling Environment
Policy Environment
National Energy Efficiency Action Plan: this plan aims at ensuring the productive use of energy and minimizing waste in order to contribute to the sustainable development of the country (2).
National Energy Policy (2022-2040): the policy highlights the energy storage as a key future area of the Fourteenth and Fifteenth Malaysia Plans (2031 – 2040) (13).
Twelfth Malaysia Plan (2021-2025): the plan identifies the lack of energy storage as one of the reasons for the low adoption of renewable energy in Malaysia (37).
Nationally Determined Contribution (2021): energy is part of Malaysia's climate change action. The sector is mentioned by the report as one of the areas where Malaysia is taking key mitigation and adaptation actions to reduce GHG emissions and achieve the 45 per cent reduction target (20).
Industry4WRD Policy on Industry 4.0: The policy intends to support companies' digital transformation in manufacturing sector through incentives and support for infrastructure, human capital and technology development (46).
Malaysia Madani: The Malaysia Madani plan has six main principles including Sustainability, which includes achieving net-zero GHG emissions (49)
Financial Environment
Financial incentives: Green Technology Financing Scheme (GTFS) provides loans for green technology projects. GTFS offers a 2 per cent interest rate subsidy and a government guarantee of 60 per cent on the financing amount (24)
Next GTFS is on its way with an increased guarantee after GTFS 3.0 ended in 2022 (47)
Fiscal incentives: The Sustainable Energy Development Authority (SEDA) manages the FiT mechanism, which offers premium rates to renewable energy producers for the electricity they generate (39).
Fiscal incentives: Green Investment Tax Allowance (GITA) for 100 per cent of qualifying capital expenditure incurred on green technology assets for the first three years. It can be offset against 70 per cent of statutory income and unutilized allowances can be carried forward until absorbed (MyHIJAU) (48)
Regulatory Environment
Renewable Energy (RE) Act 2011: provides for the establishment and implementation of a special tariff system to catalyze the production of renewable energy (38).
Renewable Energy (Feed-in Approval and Feed-in Tariff Rate) Rules 2011 and 2020 amendments: regulate the Feed-in-Tariff scheme (39).
Environmental Quality Act 1974: regulates the protection and conservation of the environment, as well as the discharge of waste through the prevention, abatement and control of pollution (30).
Marketplace Participants
Private Sector
Ditrolic Energy; Citaglobal Genetec BESS; Cenergi SEA Sdn Bhd; Green Lagoon Technology Sdn Bhd; Solarvest Holdings Berhad; Terra Energy Sdn Bhd
Government
Ministry of Natural Resources, Environment and Climate Change (KeTSA); Sustainable Energy Development Authority (SEDA); Malaysian Investment Development Authority (MIDA); Malaysian Green Technology and Climate Change Centre (MGTC)
Multilaterals
United Nations Development Programme (UNDP); World Bank; International Finance Corporation (IFC); Asian Development Bank (ADB); Global Environment Facility (GEF)
Non-Profit
Malaysain Photovaltaic Industry Association (MPIA); Malaysian Green Building Council (MGBC); Malaysian Association of Energy Service Companies (MAESCO)
Public-Private Partnership
Malaysia Green Technology and Climate Change Corporation (MGTC); Malaysian Industry-Government Group for High Technology (MIGHT)
Target Locations
Malaysia: Johor
Malaysia: Selangor
Malaysia: Penang
References
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