Timeline | Description |
1987 | QL Resources was founded, focusing on agriculture and food production efficiency. |
2010 to 2011 | Acquired a 40 percent stake in Boilermech and listed it, initiating biomass energy integration. |
2014 | Boilermech moved to the Main Market and expanded into water treatment and energy services. |
2020 to 2022 | Entered solar energy via Tera VA and consolidated control of Boilermech. |
2023 to 2024 | Rebranded to BM GreenTech and acquired Plus Xnergy, completing its energy platform. |
Since its establishment in 1987, QL Resources has operated with a singular focus on maximising efficiency within agriculture and food production. Its business model has always been shaped by the economics of energy consumption. Poultry farms and cold chain logistics require continuous temperature control, making electricity costs a direct determinant of profitability.
At the same time, its palm oil operations in Sabah and North Kalimantan generate large volumes of biomass waste, including empty fruit bunches and effluent. Left untreated, these byproducts represent regulatory costs. Properly managed, they become a renewable fuel source. This dual pressure of cost and waste created the foundation for QL Resources to evolve beyond agriculture.
In 2010, under the leadership of Chia Song Kun, QL Resources acquired a 40 percent stake in Boilermech. At the time, the move was seen as a supply chain integration exercise. The deeper intent, however, was to convert biomass waste into energy using boiler technology, laying the groundwork for internal energy self sufficiency.
In 2011, Boilermech was listed on the ACE Market with QL Resources as a key shareholder. The company’s boiler systems enabled palm oil waste to be transformed into steam and electricity. This closed loop system reduced environmental liabilities while creating a structural cost advantage for QL’s operations.
In 2014, Boilermech transferred to the Main Market following consistent earnings growth. QL Resources began to recognise that its internal energy model could be scaled commercially. The company expanded beyond boilers into integrated solutions, including industrial water treatment through its subsidiary TEK Water. This marked its transition from equipment supplier to energy solutions provider.
In 2020, despite global disruption caused by the pandemic, QL Resources accelerated its expansion. Boilermech acquired a 60 percent stake in Tera VA, a solar engineering firm registered with Sustainable Energy Development Authority Malaysia. This move enabled entry into rooftop solar installations, particularly for industrial clients, creating strong synergies with QL’s existing customer base.
In December 2020, QL Resources moved to consolidate its energy ambitions by increasing its stake in Boilermech to above 50 percent through a mandatory general offer. This allowed full financial consolidation, effectively transforming QL into a group with a significant energy business alongside its agricultural core.
In 2022, Boilermech completed the acquisition of the remaining stake in Tera VA, making it a wholly owned subsidiary. In September 2023, the company rebranded as BM GreenTech to reflect its expanded focus on renewable energy, including biomass, water treatment, and solar solutions.
In 2024, BM GreenTech acquired Plus Xnergy for RM110 million. This marked a pivotal moment in QL Resources’ transformation. Plus Xnergy was a leading player in Malaysia’s solar sector, with capabilities comparable to Solarvest and Samaiden. The acquisition elevated QL Resources into the top tier of Malaysia’s renewable energy industry.
QL Resources demonstrates that long term competitive advantage can emerge from solving operational constraints. What began as a strategy to manage energy costs and waste evolved into a fully integrated renewable energy platform, positioning the group as both a consumer and producer of energy.
1.What triggered QL Resources’ move into energy?
Rising electricity costs and biomass waste from its agricultural operations created both a challenge and an opportunity.
2.Why was Boilermech important to QL Resources?
It provided the technology to convert waste into energy, enabling cost savings and forming the foundation of its energy business.
3.What role does BM GreenTech play today?
It serves as QL Resources’ renewable energy arm, covering biomass, solar, and water treatment solutions.
4.Why was the Plus Xnergy acquisition significant?
It strengthened QL’s position in the solar sector and placed it among Malaysia’s leading renewable energy players.
5.How is QL Resources different from typical energy companies?
Its energy capabilities originated from internal operational needs, giving it a cost driven and efficiency focused competitive edge.
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