KUALA LUMPUR: In the aftermath of the crippling 1997-1998 Asian Financial Crisis, one Malaysian company, Itramas Corp Sdn Bhd, stood out confronting adversity, adapting and finally emerging as a shining beacon at the forefront of green technology and renewable energy.
In an interview with Bernama recently, managing director and chief executive officer Lee Choo Boo likens the company’s resurgence to a seed sown at a time of economic adversity when Malaysia was licking its financial wounds.
Lee recalls that the financial crisis was a setback and a stern teacher for new companies to exercise prudence balanced with boldness in their corporate endeavours.
He references a quote from former Intel chairman and CEO Andy Grove: "Only the paranoid survive.”
The survival mantra through vigilance and adaptability became Itramas' backbone, Lee says.
"Paranoia forces us to mitigate risks, constantly fine-tune our tactical plan and embrace change in response to changes in the external environment,” he says.
Established in 1999, he continues to relentlessly exhort the company’s spirit of independence and resilience, a reminder as Malaysia celebrates Merdeka.
The company ventured into manufacturing light-emitting diode (LED)-based products for export as the ringgit faltered during the financial crisis to capitalise on the currency's weakness to build a global presence competitively.
Simultaneously, it honed employees’ skills in system integration and project management, particularly in the intelligent transport system (ITS) sector, which laid the groundwork for its future success.
A Bold Step into Green Technology
Fast forward to 2024. Itramas is a beacon of Malaysia’s ambitious sustainable development initiatives.
"Yet, the road to success was far from smooth,” concedes Lee.
"Promoting green technology in the early 2000s was like a trout swimming upstream or pushing a boulder uphill.”
The initial adoption of green initiatives, supported by government incentives like the Feed-In-Tariff (FiT) mechanism, was promising but ultimately unsustainable, he says.
"Transitioning away from this subsidised programme and achieving economies of scale was therefore critical. However, there was a lot of initial scepticism from the local financing community on the feasibility of large-scale solar (LSS) projects based on purely private finance initiatives,” he recalls.
The turning point came in 2016 with the successful execution of Itramas’ 150-megawatt (MW) solar project, which attracted international investments and set a new benchmark for LSS projects in Malaysia.
"The move marked Malaysia’s dawn of the utility-scale solar industry. But Itramas did not stop there.
"We broke new ground by issuing the world’s largest green sustainable and responsible investment sukuk, raising RM1bil to finance these solar projects. In the process, we ignited excitement within the financial community,” he said.
It was a financial milestone and a statement of intent, a declaration that Malaysia was ready to embrace a future powered by green technology.
"We actively travelled to Europe and China to learn from their experiences," Lee recalls, underscoring the company’s capacity and commitment to learn and adapt.
This determination has paid off. Itramas is now recognised as a key player in the region’s green technology sector, earning accolades like the Islamic Finance News’ Best Sukuk of the Year award and named Independent Power Producer of the Year by the Asian Power Awards.
Post-Covid-19 pandemic, Itramas launched its SolarSave programme to assist homeowners and small and medium enterprises (SMEs) to save on electricity bills and go green at the same time.
The company is cooperating with the government and provides input for the rollout of solar programmes to target the large corporate sector, he says.
Its role as a pioneer in green technology has become even more significant as Malaysia embarks on its National Energy Transition Roadmap (NETR) and the New Industrial Masterplan (NIM).
In the spirit of Merdeka - which enshrines resilience and transformation - Itramas continues to innovate and adapt, staying ahead of the curve in an era marked by geopolitical conflicts, artificial intelligence (AI) advancements and the green technology revolution, Lee says.
Embodying the spirit of Merdeka
As Malaysia celebrates its National Day, Itramas’ journey mirrors the nation’s broader transformation since 1957.
From its modest beginnings as a LED products manufacturer, it has evolved into a leader in the global green technology sector.
Its international accolades and innovative financing methods reflect the company’s capabilities and Malaysia’s potential to be a global player in the renewable energy sector.
"The world has gone through significant changes since Merdeka, and so has our company. We will persevere, and with the spirit of Merdeka, we will prevail," Lee says.
Itramas’ collaboration with the Malaysian government has been pivotal in advancing the nation’s green technology sector.
A Vision for the Future
Looking ahead, he says Itramas remains committed to align its growth with Malaysia’s vision for a greener, more sustainable future.
"The company’s flagship project in Johor, in partnership with UEM Group Bhd, has the potential to propel the solar industry and the nation as a whole forward.
"We want to make this NETR flagship project a resounding success, not just for us but Malaysia as well. We need to show the world that we’re really open for business. We need to walk the talk," he says.
With green technology becoming increasingly crucial, the company’s contributions are more important than ever.
As it continues to innovate and grow, it exemplifies Malaysia’s efforts to build a greener and more prosperous future for all.
Malaysia can lead the way in sustainable development. Nothing is insurmountable with the right mindset and determination, he says. - Bernama
