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Thumb drive maker Trek invests US$3m in solar energy firm for 7.5% stake

The Business Times by LYNETTE TAN

Singapore

THUMB drive maker Trek 2000 International has injected US$3 million into solar energy firm Terrenus Energy for a 7.5 per cent stake, in a bid to enter the renewable energy industry.

Terrenus Energy was incorporated in Singapore in 2016 and operates in Singapore, Australia and China. The firm offers solar energy systems through the installation of solar panels.

In 2018, Terrenus Energy clinched its first solar project in Singapore, with JTC to build the country's first solar farm on Jurong Island. That year, the firm also signed a memorandum of understanding with its Chinese partner for the installation of a 250-megawatt solar power plant for their chemical plants and logistic hubs across China.

Trek and Terrenus Energy will collaborate on smart renewable power systems by tapping on Trek's research and development capabilities.

Wayne Tan, president and executive director of Trek, said the company hopes to help Terrenus Energy grow to become "the face of renewable energy and preferred energy solutions provider in a market which presents tremendous opportunities for growth".

Mainboard-listed Trek's counter closed unchanged at S$0.10 on Monday, before the announcement. The company's shares have been declining since last April, when it was rocked by an independent review from forensic accountants that flagged potential legal breaches.

For the third quarter ended Sept 30, 2018, Trek posted a net loss of US$1.98 million, reversing from a profit of US$2.36 million a year ago. Revenue sank 84 per cent to US$4.62 million, due to the ongoing global trade war and stronger US dollar against regional currencies, the company had said.