KUALA LUMPUR — December 16, 2015: Felda Global Ventures Holdings Berhad (FGV) yesterday signed a memorandum of understanding (MOU) with Newlight Technologies LLC and Innogas Technologies Sdn. Bhd. to produce biodegradable plastics from palm oil biomass wastes in Malaysia.
The project is aimed at diversifying and further developing the company’s new revenue streams, in line with a core pillar in its five-year transformation strategy of revenue enhancement.
FGV said in a statement that the project is expected to kick off in the second quarter of 2016, with the first plant construction to begin in the fourth quarter over a 14-month completion target.
Eventually, the project will be expanded to 10 palm oil mills over the next five years.
FGV group president/chief executive officer Datuk Mohd. Emir Mavani Abdullah said that as part of FGV’s commitment to sustainability, it was always looking for innovative ways to manage its palm oil waste effectively.
“This waste-to-wealth project will elevate the sustainability standards of palm oil industries in Malaysia and the region as a whole, significantly
reducing carbon emissions emitted.”
Emir said the MOU would bring the first cost-effective technology in the world to produce biodegradable plastic by processing 100 per cent of
bio-wastes from FGV’s palm oil mills.
California-based Newlight Technologies specialises in producing thermoplastic materials made from air and greenhouse gases while Innogas Technologies is a Malaysian-based company involved in consulting, process plant engineering and technology for chemical and renewable energy. — Bernama