SINGAPORE (May 25): Integrated engineering solutions provider ISDN Holdings has entered into a strategic cooperation framework agreement with Comtec Solar Systems Group, a solar energy player listed on the Hong Kong Stock Exchange (HKSE).  

ISDN is listed on both the Mainboard of the Singapore Exchange (SGX) as well as the HKSE. The group’s core business is in motion control and engineering solutions, with experience in serving various industries including solar energy.

Comtec has been manufacturing ingots and wafers for solar use since 2004. In 2016, the company embarked on a strategy of moving into the downstream solar business, specifically focusing on rooftop distributed generation projects which utilise solar panels installed on industrial, commercial, and residential buildings.

Under the agreement, ISDN and Comtec intend to leverage their own advantages and choose each other as partners on a priority basis for the development, design, construction and operation of solar power generation station projects.

While ISDN will conduct resource integration and develop such projects on its rooftops and spare space, Comtec will participate and provide all detailed technical and commercial support, says ISDN in a Thursday aftermarket filing to the SGX.

Together, they aim to “fully cooperate in the business of power storage and electric bar charging to reach mutual benefits”.

The two companies are also setting out to conduct further research and development – and together promote the quality of processes involved and make preparation for the expansion of other businesses, for example, power storage, microelectronics technology and sales of electricity.

Additionally, ISDN will provide a right of first refusal to Comtec for sales of roof distributed photovoltaic power stations it might develop in the future.

“We see tremendous potential in this collaboration, as it is a good fit on many levels – it leverages on ISDN’s core engineering competencies, it fits into our diversification strategy of renewable energy ventures, and even simply gives Comtec the opportunity to tap on our properties throughout the region for their rooftop solar projects,” comments Teo Cher Koon, ISDN’s managing director and president

“We will work closely together to explore a wide range of mutually beneficial opportunities.”

Shares of ISDN closed flat at 22 cents.