SINGAPORE, 19 September 2023 – Twin Towers Ventures (TTV) the investment arm of PETRONAS Ventures, and Asia-focused venture capital firm, Gobi Partners have entered into a Memorandum of Understanding (MoU) for the collaboration of resources, proficiency and networks to invest in the ecosystem of sustainable innovation within Southeast Asia (SEA) and the Greater Bay Area (GBA) in China.
The collaborative effort between TTV and Gobi include cross-sharing of deal flow and potential co-investments into promising opportunities in the region, leveraging Gobi’s vast stable of portfolio companies, exchange of insights and sustainable innovation best practices, as well as exploring potential co-development and / or commercialisation of PETRONAS’ in-house innovations.
Co-founder and Chairperson, Thomas G. Tsao said, “This MoU marks not only a new beginning but also a new urgency for our organisations. The forthcoming wave of environmentally conscious innovation needs to be transformational on a large scale that benefits all before time runs out.”
TTV Managing Partner, Fariz Ali said: “The intricate challenges of energy transition demand innovative collaborations and concerted efforts from all stakeholders. TTV is delighted to have forged this partnership to open new avenues and advance our efforts to address this challenge and spur the tech ecosystem in the Asia Pacific (APAC) and GBA regions. This collaboration leverages our collective expertise and experience to capitalise on the opportunities in the innovation and technology potential of this region.”
The concept of connecting SEA with the GBA, finds its roots in the longstanding synergy between the parties. Prior to this agreement, PETRONAS Ventures had already invested in the Alibaba Entrepreneurs Fund Greater Bay Area (AEF GBA Fund), underscoring the pre-existing alignment in vision between the two companies.
TTV is the investment arm of PETRONAS Ventures and maintains dual offices in Kuala Lumpur and Singapore. TTV invests in early to growth stages entrepreneurs across the Asia Pacific (APAC) and Middle East and North Africa (MENA) regions.
Anchored by our commitment to delivering strategic and financial value to PETRONAS, we are steadfast in our pursuit of revolutionary solutions that will reshape the energy and mobility landscapes.