At PETRONAS FutureTech 3.0, 25 startups were shortlisted from 400 applications to pitch their ideas, of which the top 10 technology-driven startups with the greatest potential to develop impactful, future-oriented and sustainable solutions were selected.
PETRONAS FutureTech 3.0 accelerator programme aims to propel energy transition with innovative startups
AS the world shifts towards cleaner and more efficient energy solutions, corporate involvement in fostering innovative startups becomes pivotal in expediting the crucial energy transition.
In this aspect, PETRONAS FutureTech 3.0 has chosen the top 10 technology-driven startups with the greatest potential to develop impactful, future-oriented and sustainable solutions.
The selection was made during the PETRONAS accelerator programme’s Demo Day, which was held at the Kuala Lumpur Convention Centre last Tuesday, with the participation of accredited investors and venture capitalists, corporates, various government agencies, universities and multiple stakeholders from Malaysia and abroad.
Five of these selected startups – Entomal Biotech Sdn Bhd, Wildfire Energy Pty Ltd, SunGreenH2, Kazam EV Tech Pte Ltd, and Beep Technologies Pte Ltd – will undergo a regional immersion programme designed by PETRONAS Ventures.
The immersion programme aims to enrich their knowledge of product design, strengthen their financial management and fundraising capabilities, and offer avenues for regional market entry.
The remaining five startups – A2Tech Sdn Bhd, Hydrexia Sdn Bhd, Zapp World, V-CRED, and Qarbotech Sdn Bhd – each received RM10,000 sponsored by Malaysia’s startup ecosystem platform MYStartup, to further their business development.
At PETRONAS FutureTech 3.0 Demo Day, the sustainable innovations presented included a wide range of technologies, such as robotics programming, advancements in green chemistry, EV battery swapping technology, hydrogen storage equipment, supercharging electrolysers, and an AI-enabled platform for monitoring carbon emissions.
FutureTech 3.0 also showcased various waste-to-energy technologies as well as products derived from organic sources – emphasising its commitment to sustainability and environmental awareness.
The Demo Day marks the culmination of 16 weeks of intensive workshops and coaching sessions conducted by industry experts for 25 startups, shortlisted from over 400 applications received from all over the Asia Pacific region.
One of the startups pitching ideas to a panel of jury at PETRONAS FutureTech 3.O Demo Day held at the KL Convention Centre.
Growing with the region
Organised by PETRONAS Ventures and powered by StartupX, a Singapore-based innovation, venture and startup enabler, FutureTech is dedicated to exploring opportunity for deployment of startups technology into PETRONAS and the partners’ business value chain while at the same time providing greater visibility to the bigger network of investors and startups ecosystem builders.
The third edition of FutureTech introduced seven new corporate partners – Tenaga Nasional Bhd, DRB-HICOM Bhd, Gentari Sdn Bhd, Sembcorp Industries Ltd, Hyundai Motor Company, Vitol, and Khazanah Nasional Bhd.
The programme is also supported by various ecosystem partners, including Cradle Fund Sdn Bhd, Malaysian Research Accelerator for Technology and Innovation (MRANTI), Malaysia Digital Economy Corporation (MDEC), Malaysian Industry-Government Group for High Technology (MIGHT), Microsoft, Amazon Web Services (AWS), SG Innovate (Singapore), Leave a Nest Group (Japan), MYStartup, National Technology and Innovation Sandbox (NTIS), and Tata Consultancy Services (TCS).
“PETRONAS is committed to establishing strategic partnerships at both local and regional levels with other corporations and ecosystem players to offer a wider platform for startups striving to succeed and advance their innovative technologies while addressing real customer needs,” said PETRONAS Ventures head Arni Laily Anwarrudin.
“Through FutureTech 3.0, we aim to assist these startups by providing greater market access for growth and scalability globally while concurrently supporting the sustainable development journey of Malaysia and the Asia-Pacific region amidst the energy transition.”
The expansion of FutureTech 3.0 to include Asia-Pacific companies reflects the region’s increasing importance in new technologies and financial capital.
Arni highlighted the significance of the expansion, stating that in a rapidly changing energy landscape, PETRONAS is committed to a future-first approach.
“We’re determined to support in developing technology-driven sustainable solutions and fostering collaboration with startups in the Asia-Pacific region.
“This expansion signifies our dedication to staying at the cutting edge of innovation – positioning us to drive positive change and secure our leadership in the evolving energy sector.“
She emphasised that PETRONAS’ goal is to harmonise energy and sustainability for a well-prepared and relevant future.
“It’s not just about keeping up; it’s about setting the pace for what lies ahead,” she said.
PETRONAS FutureTech 3.0 Demo Day also gave startups the platform to showcase their innovative solutions.
Collaboration is key
What are the criteria or qualities that PETRONAS looks for in startups?
According to Arni, the corporate venture capital arm seeks visionary entrepreneurs with breakthrough technologies and innovative business models to support PETRONAS’ business growth, particularly those that align with its sustainability agenda.
“We look at what’s out there in terms of energy transition, sustainability, decarbonisation, and how we could bring these technologies back into our core business,” she said.
PETRONAS FutureTech 3.0 targets to support five focus areas: future of industry and work, future of chemicals and materials, future of energy and mobility, frontier technology, and sustainability.
To ensure its objectives are met, a key component of the programme is the consistent communication between all the involved parties, including startups, corporates, and ecosystem players.
“The core of our accelerator programme involves a lot of collaboration, both internally as well as with corporate and ecosystem partners for us to understand what needs are to be delivered to our business units (BUs) and what gaps can be bridged in the startup and innovation ecosystem,” said Arni.
The programme also places strong emphasis on empowering PETRONAS’ BU mentors who assess the viability of startup technologies and facilitate their deployment within the company or among its corporate partners.
To date, PETRONAS Ventures has made 28 successful direct investments in startups focused on the aforementioned five focus areas.
PETRONAS welcomes strategic collaborations from all sectors in harnessing the latest innovative solutions to enhance business, economic and national growth.
For more information on PETRONAS FutureTech 3.0, go to petronasft.thestartupx.com
