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Trek 2000 announces US$3 mil investment in local renewable energy solutions company

Michelle Zhu
Updated

SINGAPORE (Jan 14): Trek 2000 International is acquiring a 7.5% stake in energy solutions company Terrenus Energy for US$3 million ($4.06 million).

See: Tracking the financial shenanigans at Trek 2000

See also: Trek 2000's 1Q earnings halved on lower revenue after component shortage, board conflicts, Racer sale

Singapore-incorporated Terrenus offers solar energy systems using solar panels, and has operations in Singapore, Australia and China.

With its latest investment, Trek says it plans to collaborate with Terrenus on smart renewable power systems which leverage on the group’s R&D capabilities and IoT solutions to drive innovation in the energy market.

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“Through this strategic partnership, we hope 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,” comments Wayne Tan, president and executive director of Trek.

Shares in the group last traded at 10 cents on Jan 8.