Founder Group Secures Letter of Award Valued at US$4.5 Million for Floating Solar Farm Project in Malaysia

KUALA LUMPUR, Malaysia, Jan. 07, 2025 (GLOBE NEWSWIRE) – Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is pleased to announce that it has secured a Letter of Award (LOA) worth RM20 million (approximately US$4.5

million) for the construction of a floating solar farm in Kuala Langat, Selangor, Malaysia.

Spanning approximately 24 acres, this project, utilizing floating photovoltaic (FPV) technology, is designed to generate 9.99MWac/15.033625MWp of solar power. This cutting-edge FPV technology, which involves solar panels mounted on floating platforms in bodies of water, helps reduce land usage while maximizing energy generation. The project is expected to significantly contribute to land conservation, preserve natural habitats, and reinforce Founder Group’s mission of delivering innovative, eco-friendly energy solutions. It further underscores the Company’s commitment to advancing carbon neutrality.

Founder Group will serve as a sub-contractor, responsible for supplying labor, hand tools, materials, and necessary machinery and equipment to support the execution of General Conditions Preliminaries & Consultation. The floating solar farm is expected to be completed by June 30, 2025.

“We are proud to be selected as a key subcontractor for this innovative floating solar farm project.

We look forward to continuing our collaboration on this and future projects, as we work together to support Malaysia’s renewable energy goals and promote a greener, more sustainable future and contribute to the further growth of Founder Group,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.