InvestSarawak inks MoU with TOYO Engineering Corp, subsidiary to look into potential investment projects

Ong (centre) together with Senior Executive Officer, Unit Director of Business Development and Marketing Unit of TOYO Engineering Corporation Casey Takeshi Matsumuro (left) and TOYO Engineering & Construction Sdn Bhd's representative Zenko Tsutsui showing the MoU after the singing ceremony held recently.

By DayakDaily Team

KUCHING, April 22: InvestSarawak signed a memorandum of understanding (MoU) with TOYO Engineering Corporation and its subsidiary TOYO Engineering & Construction Sdn Bhd to explore and facilitate potential investment projects in Sarawak in alignment with the company’s energy transition strategies.

The Ministry of International Trade, Industry, and Investment Sarawak (Mintred) said in a statement today that the MoU outlines both parties’ commitment to establish a cooperative framework that will foster collaboration on potential energy projects critical to the Sarawak government’s energy transition initiatives.

“TOYO has expressed its readiness to assist in the development of value chain planning services essential for realising these initiatives.

“Such initiatives include developing green hydrogen projects, carbon capture and storage (CCS), waste-to-energy projects that convert organic waste materials into energy, energy storage solutions such as battery storage or pumped hydro storage, and smart grid technology to enhance the efficiency and reliability of the electrical grid,” it said.

Meanwhile, InvestSarawak chief executive officer Timothy Ong said the partnership with TOYO is a testament to Sarawak’s commitment to embracing clean and sustainable energy sources that will propel the State’s economic and social development forward.

“This collaboration will leverage TOYO’s global insights and technological advancements to enhance our local capabilities,” he said.

The partnership is expected to not only support the transition to renewable energy in Sarawak but also stimulate local employment and technological development, marking a significant milestone in the region’s economic landscape. — DayakDaily