Entrepreneur Ko Chuan Zhen, the co-founder and CEO of Plus Solar Systems, shares how he's using technology to help companies optimise their green energy consumption
The world uses some 320 billion kilowatt-hours of energy a day, which is comparable to about 22 light bulbs burning nonstop for every person on the planet. More than 80 percent of this energy continues to be powered by fossil fuels such as coal and natural gas. But numerous countries have pledged to move towards a low or net-zero carbon future, and their efforts to make the transition may be quickened thanks to the pandemic.
According to the International Energy Agency (IEA), the world’s response to the Covid-19 outbreak could potentially “reshape the future of energy”. It predicts that demand for coal, which is the biggest contributor to anthropogenic climate change, is unlikely to return to its pre-pandemic levels. The fossil fuel currently supplies a third of all energy globally, but IEA forecasts that this number will dip below 20 percent within the next two decades.
By contrast, the global appetite for renewable energy continues to grow, as countries seek cleaner, green options to power their future. In 2017, the global renewable energy market was valued at US$928 billion, and by 2025, it is expected to be worth about US$1.5 trillion. Solar power, specifically, is looking to become “the new king of the world’s electricity markets”, said Fatih Birol, executive director of the autonomous intergovernmental organisation, in a recent interview with CNBC. “Based on today’s policy settings, it is on track to set new records for deployment every year after 2022.”
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In Malaysia, one company pushing for the widespread use of solar energy is Plus Solar Systems, which was established by its CEO and 2020 Gen.T honouree Ko Chuan Zhen, alongside two of his schoolmates, Ryan Oh Zhi Kang and Poh Tyng Huei, in 2012. The company started out as a green energy consulting firm under the name Leaf Energy before it rebranded to Plus Solar in 2013 and widened its range of services to include engineering, procurement, construction and commissioning work.
To date, Plus Solar has built and installed more than 200MWp in solar photovoltaic systems across commercial and industrial buildings as well as solar farms around Malaysia. For the fiscal year 2020, it has generated about US$36 million in revenue despite the poor economic climate, up from just US$31,000 in its first year of business.