Elridge Energy inks MoU with Indonesia’s PT Orion
Kuala Lumpur, 4 September 2024 – Elridge Energy Holdings Berhad (Elridge Energy), through its wholly-owned subsidiary Bio Eneco Sdn Bhd (Bio Eneco) (collectively referred to as (Elridge Energy Group), today announced the signing of a new MoU with PT Orion APAC Indonesia, a major international biomass fuel supplier and trader, and one of the Group’s key customers. This agreement marks a significant milestone in the ongoing collaboration between the two companies.
Elridge Energy deal
Under the terms of the MoU, Elridge Energy will supply Orion with 150,000 metric tons (MT) of palm kernel shells annually over a three-year period, beginning in April 2025 and concluding in March 2028. The contract also includes an option for automatic renewal for an additional three years, subject to renegotiated terms and conditions. This long-term agreement is expected to contribute positively to Elridge Energy’s financial performance, underscoring the importance of this strategic partnership.
The signing ceremony took place at Elridge Energy’s headquarters in Sri Petaling. Oliver Yeo, the company’s Chief Executive Officer, represented Elridge Energy, while Max Marcus, the company’s Chief Executive Officer, represented Orion.
Speaking about the agreement, Oliver Yeo, Executive Director and Chief Executive Officer of Elridge Energy Holdings Berhad, said, “We are thrilled to enter into another long-term agreement with our key customer, Orion, which reflects our shared commitment to delivering our high-quality biomass fuel products across the Asia-Pacific region.”
“With our long business relationship and our previous successful deals, this collaboration further proves the trust and confidence that Orion has in our products and capabilities. We are excited to continue our successful partnership and work together to contribute to the sustainable energy landscape.”
Max Marcus, Chief Executive Officer of PT Orion APAC Indonesia, added, “Our ongoing partnership with Elridge Energy Group has been instrumental in meeting the increasing demand for sustainable biomass fuel. We are confident in Elridge Energy Group’s ability to deliver top-tier products consistently, and we anticipate that this new agreement will further solidify our collaboration and drive mutual growth in the coming years.”
PT Orion
“With our long business relationship and our previous successful deals, this collaboration further proves the trust and confidence that Orion has in our products and capabilities. We are excited to continue our successful partnership and work together to contribute to the sustainable energy landscape.”
Max Marcus, Chief Executive Officer of PT Orion APAC Indonesia, added, “Our ongoing partnership with Energy Group has been instrumental in meeting the increasing demand for sustainable biomass fuel. We are confident in Elridge Energy Group’s ability to deliver top-tier products consistently, and we anticipate that this new agreement will further solidify our collaboration and drive mutual growth in the coming years.”
This agreement reinforces both companies’ dedication to promoting renewable energy and supporting global efforts to reduce carbon emissions. As the demand for cleaner energy rises, both companies are poised to play a significant role in the transition toward a more sustainable future.
In recognition of its outstanding contributions to the biomass industry, the Ministry of Plantation & Commodities and the Malaysia Biomass Industries Confederation honoured the Group with the prestigious Biomass Industry Achievement Award.
This award is a testament to the company’s commitment to excellence in biomass and its leadership in driving sustainable energy solutions.In recognition of its outstanding contributions to the biomass industry, the Ministry of Plantation & Commodities and the Malaysia Biomass Industries Confederation honoured the Group with the prestigious Biomass Industry Achievement Award.
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