Kinergy Advancement Berhad

What Kinergy Advancement Berhad does

Kinergy Advancement Berhad (KLSE: 0193) is a Malaysian engineering and sustainable energy company listed on Bursa Malaysia's Main Market and, since 13 January 2025, classified under the Renewable Energy sector. Founded on 24 February 1997 as Kejuruteraan Asastera Berhad, the firm started as an electrical and mechanical contractor before entering the ACE Market in November 2017, migrating to the Main Market in August 2020, and rebranding to Kinergy Advancement Berhad in June 2023. The company is organised around two segments: an Engineering Services / M&E contracting business and a Sustainable Energy Solutions (SES) segment established in November 2022, which acts as Builder, Owner & Operator (BOO) of renewable and gas engine generation assets. Operations span Malaysia (Kuala Lumpur headquarters plus production sites in Sendayan, Seremban, Sipitang, Labuan, Kedah, and Perlis), Thailand (Bangkok), and Indonesia (Medan mini-hydro plant), with active project development targeting renewable energy capacity in Perak, Johor, and Kedah under partnerships with state investment arms.

Kinergy's technology stack covers more than 10 energy alternatives: solar PV (rooftop, land, and floating, exceeding 25,000 kWp installed capacity), mini-hydropower (including an 11 MW Indonesian asset), biogas and biomass gasification (2.4 MW Kedah plant), Organic Rankine Cycle (ORC) waste heat recovery (2.4 MW Sendayan), cogeneration/trigeneration (1.5 MW Seremban, 87% efficiency versus a 55% coal baseline), gas engine power plants (72 MW Sipitang and 120 MW Labuan), Battery Energy Storage Systems, and energy-efficient chiller retrofits. The firm also operates a REC and carbon credit management practice and is a registered market participant on Malaysia's REC trading platform. Major operational assets include Malaysia's single largest gas engine power facility (72 MW in Sipitang, in collaboration with PETRONAS Gas Berhad) and a 120 MW dual-fuel gas engine project in Labuan under a RM650 million EPCC contract — the group's largest contract award.

Revenue is generated across five streams: (1) one-time Engineering, Procurement, Construction & Commissioning (EPCC) contract revenue (RM650M Labuan, RM230M Sipitang, RM39.3M engineering pair), (2) long-term PPA-based recurring revenue from SES-owned assets (off-take with Tenaga Nasional Berhad and Sabah Electricity), (3) project-based M&E contracting for property developers such as Mah Sing Group (10+ year relationship, 14th contract), (4) recurring operations and maintenance via TVT Link Tech Solutions, and (5) REC and carbon credit transaction fees. Q1 2026 revenue was RM102M (+49% YoY), Q3 FY2025 was RM155.49M (+90.8% YoY), and 9M FY2025 net profit reached RM20.64M — implying a run-rate annual revenue in the RM450–520M band with the SES segment identified as the primary growth driver. Strategic and financial backing includes a Danajamin-guaranteed RM500 million sukuk murabahah programme, CIDB Grade G7 and SEDA regulatory approvals, and ESG inclusion on the FTSE4Good Bursa Malaysia and Shariah Indexes with a four-year 3-Star FTSE Russell ESG rating.

Name

Kinergy Advancement Berhad

Legal name

Kinergy Advancement Berhad

Website

https://kinergyadvancement.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Kinergy Advancement Berhad is a Malaysian engineering and renewable energy company operating as an EPCC contractor and Builder-Owner-Operator of solar, hydro, biogas, cogeneration, and gas engine power assets serving utilities, industrial off-takers, and state-owned enterprises across Malaysia, Thailand, and Indonesia.

Ownership category

akta.pro rank

Product category

Engineering and Sustainable Energy Services

NAICS

Architectural, Engineering, and Related Services (5413), Steam and Air-Conditioning Supply (221330)

SIC

Cogeneration Services & Small Power Producers (4991), Electric, Gas & Sanitary Services (4900), Engines & Turbines (3510)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Repowering, Augmentation & Retrofit Integration (Capacity Expansion) (EUAEAEAL), BECCS Project Development & Integration (Permitting, FEED, EPC Interface) (EUAAALAA), Environmental & Permitting Execution Services (Erosion Control, Habitat Mitigation, Compliance) (EUAEADAL), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), T&D project/program management & owner’s engineering (EPCM/PMC) (EUADAKAF)

Keywords

• Sustainable energy solutions
• Mechanical electrical engineering
• Power plant EPCC
• Renewable energy generation
• Facilities management services

Headquarters

HQ city

Petaling

HQ country

Malaysia

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Sustainable Energy Solutions (SES) — Project Development & Asset Ownership: Kinergy develops, invests in, and operates sustainable energy assets across a diversified portfolio. Revenue is generated through long-term Power Purchase Agreements (PPAs) with utilities (e.g., Tenaga Nasional Berhad) and industrial off-takers. The company operates as a Builder, Owner & Operator (BOO) for renewable energy and gas engine power plants. The SES segment is the primary growth driver, with Q1 2026 revenue rising 49% YoY driven by this segment.
2. EPCC (Engineering, Procurement, Construction & Commissioning): One-time project-based revenue from the design, construction, and commissioning of large-scale energy and infrastructure projects. Major contracts include RM650 million 120MW gas engine EPCC in Labuan and RM230 million 70.2MW (72MW) Sipitang gas engine plant. The engineering segment also generates recurring revenue from M&E contracts for property developers.
3. Engineering Services — M&E Contracting: Mechanical & Electrical engineering services including high/low voltage electrical installations, ventilation & air-conditioning, maintenance services, and Extra Low Voltage (ELV) systems for commercial and residential developments. Revenue is project-based and one-time per contract. Multiple repeat contracts from Mah Sing Group (10+ year relationship, 14th contract awarded).
4. Operations & Maintenance: Ongoing operations and maintenance services for power plants and facilities through TVT Link Tech Solutions Sdn. Bhd. Includes Integrated Facility Management (IFM), Integrated Building Management System (IBMS), and Building Security System (BSS). Provides recurring revenue through long-term O&M contracts.
5. REC & Carbon Credit Trading: Registered market participant in Malaysia's REC trading platform. Facilitates the sale and purchase of Renewable Energy Certificates directly or on behalf of clients. Carbon credit services span project identification, carbon accounting, issuance, and trading to international standards. Revenue generated through transaction fees and portfolio management.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Kinergy Advancement Berhad is a one-stop energy and engineering solutions provider that develops, invests in, constructs, and operates sustainable energy assets and infrastructure. The company delivers end-to-end EPCC (Engineering, Procurement, Construction & Commissioning) services for power plants, operates renewable energy projects (solar PV, mini-hydro, biogas/biomass, waste heat recovery via ORC, cogeneration, and gas engine power plants), and provides mechanical & electrical contracting plus integrated facilities management. It serves industrial off-takers, utilities, government-linked companies, and property developers across Malaysia, Thailand, and Indonesia.

Differentiator

Problem solved

Functional benefit

Brands

• KAB Energy Holdings: Subsidiary focused on Sustainable Energy Solutions including waste heat recovery, cogeneration, gas engine power plants, and renewable energy projects
• KAB Smart Solar Energy
• TVT Link Tech Solutions

Products and services

• EPCC for Power Plants Engineering, Procurement, Construction & Commissioning services for large-scale power plants including gas engine and combined cycle gas turbine facilities. Sold directly to power producers, IPPs, and utilities; flagship projects include RM650M 120MW Labuan plant and RM230M 72MW Sipitang gas engine plant.
• Sustainable Energy Solutions (SES) Asset Development & Ownership Build-Own-Operate-Transfer (BOO/BOOT) development and long-term operation of renewable and clean energy assets (solar, hydro, biogas, waste heat recovery, cogeneration, gas engine) under long-term Power Purchase Agreements with utilities such as TNB and industrial off-takers.
• Solar PV Systems End-to-end solar PV systems for land, rooftop, and floating applications backed by PPAs of up to 25 years. Installed capacity exceeds 25,000 kWp across Malaysia and Thailand through KAB Smart Solar Energy.
• Waste Heat Recovery (Organic Rankine Cycle) Organic Rankine Cycle (ORC) systems that recover industrial waste heat and convert it into clean electricity. Installed at KAB Energy Power's 2.4MW Sendayan (Negeri Sembilan) plant with 168 GWh estimated savings over a 10-year concession.
• Cogeneration / Trigeneration Systems Combined electricity and thermal energy generation from a single fuel source, achieving 87% efficiency vs. 55% for conventional coal. Installed at KIEV CRG's 1.5MW Seremban facility with 97.3 million kWh savings over an 8-year concession.
• Biogas and Biomass Gasification Waste-to-energy biogas and biomass gasification plants converting organic waste (including palm oil mill waste via AGROMATE partnership) into energy. Future Biomass Gasification operates a 2.4MW plant in Kedah, Malaysia.
• Mini-Hydroelectric Power Plants Small-scale hydroelectric power generation at up to 90% efficiency. Includes PT Inpola Mitra Elektrindo's 11MW plant in Medan, Indonesia, with estimated 715,202.63 tCO2e savings over 21 years.
• Mechanical & Electrical (M&E) Engineering Contracting M&E engineering services including high/low voltage electrical installations, ventilation and air-conditioning, Extra Low Voltage (ELV) systems, and maintenance services for commercial and residential developments. Repeat contract relationship with Mah Sing Group (10+ years, 14th contract).
• Chiller Optimisation & Retrofit Energy-efficient cooling solutions combining smart controls, data-driven performance tuning, and tailored retrofit strategies for hospitality and commercial sectors, delivering measurable energy savings.
• Integrated Facility Management (IFM) / Building Management Ongoing operations and maintenance services for power plants and facilities through TVT Link Tech Solutions Sdn. Bhd. Includes Integrated Facility Management (IFM), Integrated Building Management System (IBMS), and Building Security System (BSS).
• REC and Carbon Credit Trading Registered market participant in Malaysia's Renewable Energy Certificate (REC) trading platform with end-to-end REC management (registration, verification, trading) plus carbon credit lifecycle management (project identification, carbon accounting, issuance, trading to international standards).

Quantifiable outcome

• ~72,088 tCO₂e emissions avoided through renewable/clean energy generation in FY2024
• +12 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• Rancha Power Sdn. Bhd.coreStrategic or Co-development Partner · 13 January 2025KABEH was awarded a RM650 million EPCC contract by Rancha Power Sdn. Bhd. for the development of a 120MW dual-fuel gas engine power plant in Labuan, East Malaysia. This is the Group's largest EPCC contract and marks a third win from PETRONAS Gas Berhad units. The project is a major milestone in Kinergy's transition from engineering services provider to energy powerhouse.
• PETRONAS Gas Berhad (and subsidiaries: Sipitang Utilities, Regas Terminal Lahad Datu)coreStrategic or Co-development Partner · 1 December 2023KAB was appointed as local technical partner of PETRONAS Gas Berhad and holds a stake in Sipitang Utilities Sdn. Bhd. (SUSB). Secured RM230 million EPCC contract from Sipitang Utilities (formerly Regas Terminal Lahad Datu Sdn Bhd) for a 70.2MW (reported as 72MW) gas engine power plant in Sabah. Also secured 2nd contract from PETRONAS Gas Berhad for conversion of LNG carriers into Floating Storage Units (FSUs) at Pengerang Regasification Terminal. Multiple PETRONAS contract wins demonstrate deep integration with Malaysia's national energy champion.
• Perbadanan Kemajuan Negeri Perak (PKNPk)majorStrategic or Co-development PartnerEstablished strategic collaboration with Perbadanan Kemajuan Negeri Perak (PKNPk) to support the development of 29 potential renewable energy projects in Perak, with the aim of generating over 1,800MW of power. This represents a major government partnership for regional energy development.
• Permodalan Kedah BerhadmajorStrategic or Co-development PartnerEntered into a Memorandum of Understanding (MoU) with Kedah state-owned investment company, Permodalan Kedah Berhad to advance Sustainable Energy business by integrating combined technical expertise and extensive business acumen.
• Johor Corporation (JCorp)majorStrategic or Co-development PartnerEstablished strategic partnership with Johor Corporation (JCorp) to advance Malaysia's sustainable energy landscape, including developing customised Energy Efficient (EE), Renewable Energy (RE), Clean Energy (CE) initiatives for energy-related facilities and engineering projects for data centres or other related facilities under JCorp.
• Alliance Bank Malaysia Berhad (ABMB)majorGTM or Marketing PartnerJoined forces with Alliance Bank Malaysia Berhad to drive sustainable energy and green technological innovation in Malaysia. Partnership focuses on powering green supply chains and supporting ESG initiatives for SME clients. Featured as part of Bursa Malaysia & Alliance Bank's collaborative initiative.
• AGROMATE HoldingscoreStrategic or Co-development PartnerStrategic partnership with AGROMATE, a top-2 leading fertiliser supplier, to spearhead Bioenergy Generation across Palm Oil Mills in Malaysia. Converts palm oil mill waste (empty fruit bunches, palm oil mill effluent) into biogas and biomass energy. Aligns with Malaysia's decarbonisation agenda and circular economy objectives.
• Sabah Electricity Sdn. Bhd.coreChannel Partner/ Reseller/ DistributorCollaborating with Sabah Electricity Sdn. Bhd. on gas engine power plant projects in Sabah, Malaysia (including the 72MW Sipitang plant and 120MW Labuan plant). Sabah Electricity acts as the utility off-taker and distribution partner for these power projects.
• MRH Empire Sdn. Bhd.minorChannel Partner/ Reseller/ DistributorKAB Telco Sdn. Bhd., a wholly owned subsidiary of KAB, formed a joint venture with MRH Empire Sdn. Bhd. to build and operate telecommunication towers, expanding into telecom infrastructure as a new business vertical.
• SEDA MalaysiamajorGTM or Marketing PartnerReceived SEDA (Sustainable Energy Development Authority Malaysia) approval to develop 2 Hydro Power Plant Projects, marking a major milestone in Renewable Energy portfolio. Also holds multiple SEDA Renewable Energy Certificates (RECs) including for KAB Core Connect O&M Services, KAB Gree Solar, Silver Renewables, and Mayang Hijau.

Scale indicators38 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Samaiden Group Berhad: Malaysian-listed renewable energy EPC specialist focused on solar PV, biomass, and biogas projects. Comparable as a Bursa Main Market small-mid cap renewable energy EPC/asset owner competing for the same Malaysian solar, biogas and waste-to-energy tenders as KAB.
• MN Holdings Berhad: Malaysian cable installation and electrical engineering services provider serving TNB and utilities. Directly comparable in the M&E/electrical EPCC heritage that underpins KAB's traditional engineering services segment.
• Solarvest Holdings Berhad: Malaysian solar PV EPC specialist serving C&I and utility-scale markets with PPAs. Direct peer in solar EPCC and distributed generation PPAs, with similar TNB off-take relationships.
• Pestech International Berhad: Malaysian power infrastructure EPC specialising in transmission & distribution substations. Comparable as a Malaysian-listed power T&D/services contractor competing with KAB for utility-side EPCC contracts and capital projects.
• Cypark Resources Berhad: Malaysian renewable energy and waste-to-energy company operating solar, biogas, biomass and a landfill gas power plant portfolio. Direct competitor in the Malaysian EPCC-for-renewable + IPP/asset owner space, often competing for the same SEDA-backed tenders.

Broad incumbents

• Gadang Holdings Berhad: Malaysian engineering and construction group with utility/power civil works and infrastructure projects. Comparable as a regional EPC incumbent bidding on similar renewable and power infrastructure projects across Malaysia.
• Ranhill Utilities Berhad: Established Malaysian water and power utility with IPP exposure. Provides a broader comparable for KAB's IPP ambitions and long-term contracted energy/water cash flows, though Ranhill is far larger and more diversified.

Emerging players

• First Solar, Inc. Global thin-film PV module manufacturer. Adjacent comparable for KAB's downstream solar PV EPCC, asset ownership and PPA operations — illustrates how upstream module innovation flows downstream into Malaysian PV project economics.
• GE Vernova: Global gas turbine, grid solutions and renewable energy equipment OEM. Comparable as a technology/equipment supplier for the 1.4–1.5GW CCGT repowering project, representing the class of OEM counterparty KAB depends on for large-engine deployments.

Regional players

• B.Grimm Power Public Company Limited: Thai independent power producer with gas, solar, hydro and waste-to-energy assets across Southeast Asia. Comparable as a regional IPP focused on gas-engine + renewable portfolio expansion, operating in adjacent geography (Thailand) where KAB also has energy segment operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@kinergyadvancement
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Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kinergy Advancement Berhad