PETALING JAYA: Fast Energy Holdings Bhd is looking to expand its footprint in the energy space by exploring opportunities within renewable energy (RE) to accelerate growth.

       Formerly known as Techfast Holdings Bhd, the petroleum trading and oil bunkering player said as part of its plans, it had recently incorporated a new wholly-owned subsidiary, Fast Solar Sdn Bhd, to undertake prospects in the fast-growing RE industry, particularly in solar power.

       Its intended principal activities include the investment in solar projects, as well as the design, construction, operation and trade of solar-related products, the group said in a statement.

       Fast Energy executive director Vincent Tan Wye Chuan said the group intended to capitalise on the rise in demand for alternative energy, especially from organisations wanting to enhance their environmental, social and governance performance, with the transition to RE.

       “As part of our commitment to transform Fast Energy into an exciting energy player across multiple energy sources, we are taking strategic steps to strengthen our position to pursue attractive opportunities within the energy-related markets,” he said.

       “Around the world, we are seeing demand for cleaner and sustainable energy gaining more traction from all quarters which include the residential, commercial as well as industrial sectors. We intend to capitalise on the rise in demand for alternative energy,” he added.