Shell New Ventures Sdn Bhd, one of Shell's wholly owned subsidiaries, has now announced a collaboration agreement to invest in MyProtech Sdn Bhd, the company behind Arus Oil.
For those who are not familiar with Arus Oil, it is a local company that focuses on recycling used oil. Having been operating since 2017, Arus Oil collects used oil from the community, and also provides a special application to assist in the process. Arus Oil operates in Selangor as well as Penang, and has plans to expand its services to the rest of the country.
For now, Shell has not disclosed the value of the investment to Arus Oil. This injection of investment funds and support from Shell is expected to continue to allow Arus Oil to grow rapidly in terms of user numbers and also the collection of used oil from households throughout Malaysia.
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BUSINESS & MONEY