Green Lagoon aims to raise RM15 million, the largest amount to be raised via an ECF campaign in Malaysia
Malaysia, 15 February 2022- The Securities Commissions of Malaysia (SC) has stated that the fundraising cap for companies raising on equity crowdfunding (ECF) platforms has been increased from RM10 million to RM20 million. This was revealed in the revised Guidelines on Recognized Market published in late November 2021.
The increase supports the 12th Malaysia Plan (2021 – 2025) which is to stimulate and propel the growth of strategic and high impact industries such as micro, small and medium enterprises (MSMEs).
In 2020, the total capital raised via ECF grew by a staggering 457% to RM127.72 million from RM22.92 million in 2019. Larger fundraising amounts were also observed, with 84% of campaigns raising more than RM 500,000. In fact, campaigns in Series A and onwards grew to 50% in 2020, a testament to the growing interest of MSMEs to utilise ECF as a viable alternative fundraising method – Securities Commission’s (SC) Annual Report 2020.
The Securities Commission’s announcement serves as good news for Malaysia’s small medium enterprises (SME) like Green Lagoon Technology (GLT) who have partnered with Leet Capital to raise RM15 million via ECF.
“We are excited and look forward to giving the opportunity for investors to invest into industry leaders like GLT. Their proven track record and aspirations of going for an IPO in 2023 is a deal we know the retail investors would love.” Bikesh Lakhmichand, the CEO of Leet Capital mentioned.
Powering waste into profit, Green Lagoon Technology (GLT) (https://glt.my) is a specialist in providing turnkey solutions for palm oil millers to manage biogas emitted from their mills. The biogas released are converted to renewable energy either for internal consumption or to be monetised to the national grid under the Feed-in-Tariff (FiT) program.
Since 2010, they have completed 39 projects valued at RM133 million, and currently have 24 ongoing projects that are valued at RM131 million. Their assets consist of seven power plants in 2021, and will be expanding to 10 by the end of 2022, totalling 15.35MW/hr export capacity. Lately, Green Lagoon has started developing projects to upgrade the biogas to bio-methane, to be injected into gas pipelines or for industrial applications.
Wilson Ang, the Chief Financial Officer of GLT said “We were the first Biogas company to raise funds via an ECF platform and today, we aspire to achieve the highest amount of funds ever raised, targeting at up to RM15 million.”
“The funds raised will be used to enlarge our biogas asset footprint from 10 to 16 biogas plants, and for business diversification purposes into other kinds of agricultural waste, including livestock manure and biomass waste. This is to align our growth strategy towards listing on Bursa Malaysia in 2023 in support of Malaysia’s sustainability agenda”, Wilson added.
This sustainability driven business is looking to raise up to RM15 million through Leet Capital, the largest ECF deal to date. If you are keen to be an investor in Green Lagoon, visit www.leet.capital/company/green-lagoon-technology-sdn-bhd to find out more.