PETRONAS FutureTech 3.0 Accelerates Growth of Startups in Sustainable Innovations

KUALA LUMPUR, 31 October 2023 – PETRONAS’ accelerator programme, PETRONAS FutureTech 3.0 selected at its Demo Day today 10 technology-driven startups that have shown the most potential in developing impactful, future-focused and sustainable innovations which are able to meet energy transition needs. 

Five selected startups including Entomal Biotech Sdn Bhd, Wildfire Energy Pty Ltd, SunGreenH2, Kazam EV Tech Pte Ltd and Beep Technologies Pte Ltd will be taking part in a one-week regional immersion programme specially curated by PETRONAS Ventures and Singapore-based innovation, venture and startup enabler StartupX. The experience aims to deepen their learning in product design, further prepare them for financial management and fundraising, as well as open potential windows to regional market access. 

Five other startups namely, 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, as motivation to further develop their business.  

Among the sustainable innovations presented include robotics programming, advancements in green chemistry, revolutionary EV battery swapping technology, state-of-the-art hydrogen storage equipment, game-changing supercharging electrolysers, and an AI-enabled platform for monitoring carbon emissions. Several waste-to-energy technologies and a range of products derived from organic source were also featured, as part of the programme’s commitment to sustainability and environmental consciousness. 

Organised by PETRONAS Ventures and powered by StartupX, FutureTech is dedicated to supporting technology startups to transform their innovative ideas into winning businesses. The third instalment features seven new Corporate Partners – Tenaga Nasional Berhad, DRB-HICOM Berhad, Gentari Sdn. Bhd., Sembcorp Industries Ltd, Hyundai Motor Company, Vitol and Khazanah Nasional Berhad.  

Head of PETRONAS Ventures, Arni Laily Anwarrudin said, “PETRONAS is committed to building strategic partnerships locally and regionally with other corporations and ecosystem players to offer a wider platform for the start-ups that are seeking to succeed and grow their innovative technologies while focusing on real customer needs.  

“Through this third edition of FutureTech, we hope to be able to assist these startups by providing greater market access for growth and scalability across the globe, while at the same time supporting the sustainable development journey of Malaysia and the Asia-Pacific region amidst the energy transition.” 

Demo Day followed an intensive 16-week workshops and coaching by industry experts for 25 startups selected from 400 applications received across Malaysia, Singapore, Australia, India and Indonesia since the programme opened for registration earlier this year. 

FutureTech 3.0 is also supported by various ecosystem partners - Cradle Fund Sdn Bhd, Malaysian Research Accelerator for Technology & 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 & Innovation Sandbox (NTIS) and Tata Consultancy Services (TCS). Also present were accredited investors and venture capitalists from Malaysia and abroad. 

To date, PETRONAS Ventures has successfully conducted 28 direct investments into startups that focus on five areas, namely Future of Industry & Work, Future of Chemicals & Materials, Future of Energy & Mobility, Frontier Technology and Sustainability.