UOB’s innovation accelerator, UOB FinLab, has launched the GreenTech Accelerator 2024, enabling greentech startups to grow, transform, forge partnerships and create pilots to address sustainability challenges.
Out of 350 applicants, 34 companies were shortlisted. And 10 of those companies were greentech startups in Malaysia.
The six-month regional programme aims to fast-track the development of sustainable technology solutions through masterclasses featuring more than 30 mentors from three countries. It also leverages UOB FinLab’s network of 25,000 industry leaders.
The programme will offer up to S$100,000 for greentechs to pilot relevant, impactful, and deployable solutions.
Addressing real-world challenges
During the accelerator, the selected greentech startups will tackle real-world sustainability pain points from more than 50 challenge statements.
These are contributed by 27 challenge partners including UOB and external partners such as Encompass and Great Cosmo Industries to co-create solutions for partnerships and pilot projects.
The challenge areas for 2024’s programme are:
- Circular Economy and Waste Management
- Energy Efficiency
- Food and Agriculture
- Sustainable Cities and Urban Planning
- Carbon Management and Reporting
You can read the full challenge statements on the accelerator page.
Here are the Malaysian startups that made the cut and what they’re addressing.
Tackling the Circular Economy and Waste Management category, Bina-Biox Biomaterials is a Malaysian startup that creates mycelium-based packaging as an eco-friendly alternative to polystyrene.
Specifically, according to its website, it uses agricultural waste to create nature-based packaging solutions.
Its website also states that the startup comprises a group of scientists, dreamers, engineers, and nature lovers.
Leveraging black soldier fly larvae, Entomal Biotech addresses challenges in circular economy and waste management.
It provides sustainable waste management solutions using black soldier flies, converting organic waste into high-protein feed and fertilisers.
In an interview with Vulcan Post, the team shared that the company’s solution is packaged into shipping containers with a standard 20 feet x 8 feet size, which can treat up to one tonne of food waste every month.
A smart home software startup, Intlife’s solution reduces management cost and enhances energy efficiency in homes. Its solution falls under the Sustainable Cities and Urban Planning category.
To elaborate, Intlife creates smart home software for property developers to have unified smart home controls in a single platform.
Its mission is to assist real estate developers and operators to modernise the properties by automating, protecting, and connecting to create a sustainable living environment.
iVis Technologies is a startup that identifies wastages and inefficient equipment usage.
Falling under the Circular Economy and Waste Management category, it allows businesses to monitor their on-site operations more efficiently by installing sensors that transmit data back to the startup for analytics and AI diagnostics.
According to its website, the company has been involved in energy monitoring over the past decade, utilising its own propriety methods.
Addressing issues in the Sustainable Cities and Urban Planning category, Letrick Link’s CUCUK is an EV charging startup.
According to its website, Letrik Link was formed by a group of technology enthusiasts in 2022 to create a sustainable impact in the future of next-generation transportation.
The brand CUCUK was founded on the ambition to create a sustainable society that is driven to transition towards electrification mobility.
Materials In Works (MIW) addresses climate change by upcycling paper liner waste from the label industry, offering solutions in Circular Economy and Waste Management.
“MIW is able to reintroduce the residual paper liner into the value chain, via an IP-backed treatment process that turns it into a high-quality raw material for paper products manufacturers, effectively diverting the valuable residue from ending up in landfills,” founder John Ooi told Vulcan Post in an interview.
MEC Clearwaste is a solution by Millennium E & C (MEC). Established in 1999, MEC has been providing cutting-edge solutions in the energy and utility sector, counting industry leaders such as PETRONAS, Technip, Exxon, and MMC as clients.
The company has also developed a solution for solid waste management known as ClearWaste, which provides comprehensive waste management solutions that efficiently convert all forms of waste streams into reusable and recyclable by-products.
In doing so, it addresses issues in Circular Economy and Waste Management.
Under the Food and Agriculture category, Malaysian startup Qarbotech brings its photosynthesis enhancers, which help address challenges in food security and climate change.
Previously featured on Vulcan Post, Qarbotech offers a biocompatible solution, having developed patented photosynthesis enhancement nanotechnology that increases crop yields by 60%.
It works by using organic compounds with properties similar to chlorophyll, which increases leafy plants’ photosynthesis rates, resulting in shorter growth cycles and thus higher yield.
Addressing Carbon Management and Reporting, Retragreen offers comprehensive services for energy data collection, management, and certification.
Specifically, it offers various types of sensors, data storage and processing equipment, machine learning software, and control systems.
Although incorporated in Australia, Retragreen is currently growing its arm in Malaysia.
Providing technology and consulting for businesses to optimise electricity consumption, Wimera Systems addresses pain points in Energy Efficiency.
It enables rapid deployment by connecting every device on the shop floor, integrating data with enterprises’ platforms and enabling edge applications at scale.
Wimera has headquarters in India and Singapore, according to its website, but appears to have an arm in Malaysia.
A greener future
GreenTech Accelerator 2024 builds on the inaugural run in 2022 that began in Singapore. It saw over 150 applications and the establishment of eight pilots and partnerships.
Now in its second run, this year’s programme has expanded beyond Singapore to UOB’s key ASEAN markets, Malaysia and Thailand, with the aim to create a positive impact on sustainability.
Helmed by UOB FinLab, the programme demonstrates UOB’s commitment to sustainability across ASEAN.
The six-month accelerator will conclude in November 2024 with a showcase day at the Singapore Fintech Festival. We can’t wait to see what the 10 shortlisted startups in Malaysia cook up at the end of the six months.
- Learn more about UOB Finlab here.
- Read other articles we’ve written about Malaysian startups here.
Featured Image Credit: UOB Finlab