Leader Energy inks MOU with BASF to develop long duration energy storage projects

Leader Energy Holding Berhad (“Leader Energy”), via its wholly- owned subsidiary Leader Energy Ventures Sdn Bhd, has signed a Memorandum of Understanding (“MOU”) with BASF Stationary Energy Storage GmbH (“BSES”). BSES, a wholly-owned subsidiary of German chemical company BASF SE, is an exclusive global distributor of sodium-sulphur batteries (“NAS® Batteries”) produced by NGK Insulators, Japan. Leader Energy together with its subsidiaries and jointly controlled entities is an independent power producer principally involved in the development, ownership, operations and maintenance of power assets and projects.

Under the MOU, Leader Energy and BSES intend to establish a strategic partnership to promote the development of long-duration energy storage (“LDES”) projects in Southeast Asia including Malaysia. Leader Energy seeks to deliver comprehensive turnkey solutions for these projects and use NAS® Batteries which will be supplied by BSES. Pursuant to this, Leader Energy has identified 8 LDES projects with a total estimated value of RM1.8 billion.

Leader Energy’s Executive Deputy Chairman, Dato’ Sean H’ng Chun Hsiang said, “As we embark on our continuous pursuit towards net zero emissions, we are proud to announce our strategic partnership with BSES. Our commitment towards sustainability is evident as showcased by the list of projects we intend to be involved in using NAS® Batteries. This collaboration will allow us to leverage on each other’s skillset to penetrate further into the power industry in Southeast Asia while offering more comprehensive solutions which will make renewable energy a more reliable and viable option. In addition, it will alleviate the concerns for night time practicality, when solar irradiance is unavailable. Ultimately, we intend to encourage others to gradually embrace the push towards a more sustainable future.”