BM GREENTECH BERHAD (0168.KL)
- Sector
- Energy
- Price
- RM 1.46 (-2.01%)
- Market cap
- 1.0B MYR
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About BM GREENTECH BERHAD
Company Description
BM GreenTech (BMG), formerly known as Boilermech, was founded in 2005 as a designer and manufacturer of biomass boilers for the palm oil industry. Listed on the ACE Market of Bursa Malaysia in 2011 and transferred to the Main Market in 2014, the company expanded into water treatment in 2016 through the acquisition of BM TEK. It entered the solar segment in 2020 by acquiring TERA VA, primarily focused on residential and C&I rooftop solar, and further expanded its solar capabilities in 2024 by acquiring Plus Xnergy Holdings (PXH) to tap into utility-scale solar and BESS projects. The company provides integrated sustainable solutions across bio-energy, water treatment, and solar energy segments.
Business Model
BM GreenTech operates as a comprehensive clean energy solutions provider, generating revenue primarily through Engineering, Procurement, Construction, and Commissioning (EPCC) services. The bio-energy segment involves designing, manufacturing, and commissioning biomass boilers for palm oil mills and other industries, leveraging a dominant 30-40% market share in Malaysia and Indonesia. The solar segment provides EPCC for residential, C&I, and utility-scale solar PV systems, including BESS solutions. The water treatment segment offers EPCC services for industrial wastewater, biogas capture, and data centre water supply. The company benefits from strategic backing by QL Resources, which holds a 53.5% stake and provides synergistic access to C&I clients.
Revenue Segment
In FY2025, the revenue breakdown by segment was Bio-energy at 54%, Solar Energy at 35%, and Water Treatment at 11%. Bio-energy has historically been the primary earnings driver, contributing 54-77% of revenue over FY2021-2025. The solar segment saw a notable increase to 35% in FY2025 supported by the contribution from Plus Xnergy, while the water treatment segment typically contributes an average of 11-13%.
Geographic Segment
Geographic revenue breakdown is explicitly detailed for the bio-energy segment, where BMG typically derives 30-40% of its revenue from Malaysia, 50-60% from Indonesia, and the remaining 10% from other markets such as Thailand, Vietnam, and the Philippines. The solar segment primarily operates in Malaysia with marketing offices in Selangor, Kuala Lumpur, Perak, Penang, Johor, and Kota Kinabalu. The water treatment segment operates in Kuching, Bintulu, Miri, Sandakan, Johor Bahru, and Klang Valley, and recently incorporated a new subsidiary in Indonesia.
Top Client
Key customer groups include palm oil millers in Southeast Asia, commercial and industrial (C&I) clients, and data centre operators. Specific named clients include Day One DC, for whom BMG is implementing Malaysia's first river water treatment system dedicated to data centre operations, and Cenergi Aeropolis Renewable Energy (a joint venture between Cenergi SEA and KLIA Aeropolis), which awarded BMG a MYR71.8 million solar EPCC contract for Kuala Lumpur International Airport.
Operational Scale
As of FY2025, BM GreenTech had a total workforce of 654 employees. The company's solar subsidiary Tera VA has delivered over 4,000 residential and C&I solar projects with over 100MW of installed capacity, while Plus Xnergy has installed over 400MWp of solar PV capacity across residential, C&I, and utility-scale projects. In 2026, BMG secured a contract for a 36MWp solar PV plant with a BESS capacity of up to 45MWh at Kuala Lumpur International Airport. The company targets net-zero emissions (Scope 1 and 2) by 2026.
Associate Companies
Key subsidiaries include BM TEK (water treatment, acquired 60.23% in 2016), TERA VA (solar EPCC, acquired 60% in 2020 and remaining stake in 2022), and Plus Xnergy Holdings (utility-scale solar, acquired in 2024). QL Resources Bhd is the major shareholder with a 53.5% equity stake. The balance sheet reflects investments in associates and joint ventures valued at MYR21.0 million in FY2025, though specific names of these associates are not detailed in the provided reports.
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