KUALA LUMPUR: AmBank Islamic Bhd (AmBank Islamic) has approved up to RM180 million in financing facilities for Ultimate Ivory Sdn Bhd, a wholly owned subsidiary of Nextgreen Global Bhd (Nextgreen). 

The funding will be used for land reclamation, infrastructure development the construction of facilities and utilities for Nextgreen’s Green Technology Park (GTP) in Pahang, which spans over 410 acres.

The core technologies of GTP include the processing and manufacturing of pulp and paper products, as well as the production of animal feed, organic fertilizers, renewable energy, and research and development activities.  This initiative will contribute to mitigating climate change by reducing dependence on trees as raw materials. 

Nextgreen aims to transform GTP into a globally recognized industrial hub by integrating patented breakthrough technologies. 

The group adopts a Bio-Integrated Zero Waste system, ensuring that by-products from every production process are converted into green products and renewable energy.

Through its unique pulp mill technologies, Nextgreen estimates it could save approximately 255 million trees annually, while also reducing carbon emissions, energy consumption, and water usage.

This technology also repurposes a substantial stockpile of oil palm biomass, particularly empty fruit bunches (EFBs), which would otherwise be discarded as waste. 

Meanwhile, these materials are also used as the primary feedstock for GTP’s green paper pulp production.

Nextgreen’s patented technology reduces palm oil industry waste problems while minimizing negative environmental impacts. 

“It is a hybrid process that preserves the condition of EFB fibres for pulp and paper production, which was commercialised in 2022 and received certification from SIRIM Eco Labelling and MyHijau in 2023,” it said.

AmBank Group business banking managing director Christopher Yap highlighted the strengthening of an ESG-driven banking relationship with Nextgreen and the ongoing expansion of their collaboration in both local and global markets.

“As Malaysia’s green technology parks continue to emerge as a key driver of sustainable economic growth, we believe that the GTP will contribute towards attracting investments in renewable energy, circular economy practices, and low-carbon manufacturing,” he said.

Nextgreen’s biofertilizer products, NexCompost and NexBooster, were also recognised for their innovation, winning the ITEX 2024 Gold Medal at the 35th International Invention, Innovation, Technology Competition and Exhibition 2024.

Additionally, the transformation of agricultural waste into valuable resources plays a crucial role in minimizing environmental impact and promoting innovation in green manufacturing. 

Nextgreen Group managing director Datuk Lim Thiam Huat said the firm is expanding its GTP and reinforcing its commitment to sustainable industrial development.

“With AmBank Group’s unwavering partnership, we are confident that our expansion will not only advance our sustainability goals but also propel the nation towards a greener and more resilient future,” he added.

Source: KLSE Screener