On December 10, 2020, BiON announced that is has entered into the solar photovoltaic ("PV") market with the establishment of BiON Suria Sdn Bhd ("BiON Suria"), a solar-focused subsidiary, and its conditional acquisition of solar assets. This represents the first expansion of the Company's activities into renewable energy sectors beyond biogas, in line with its stated strategy. BiON Suria has been established to expand the Company's activities into the solar PV market, which the Board believes offers great potential as an incremental revenue stream. The Malaysian government is supporting the growth of the industry with several incentives and initiatives as it seeks to achieve its target of renewable sources accounting for 20% of the national energy mix by 2025. In late 2018, the government introduced the Net Energy Metering ("NEM") programme where any excess power generated by solar panels can be sold to the national utility company, Tenaga Nasional Berhad ("TNB"). In its COVID-19 economic relief package, the government announced approximately USD 2.9 billion in expenditure for the installation of new grids, LED street lights and rooftop solar panels. Alongside the NEM programme, the government also introduced the Large Scale Solar ("LSS") competitive bidding programme for the development of large scale solar PV plants. Malaysia is well suited for the generation of solar PV thanks to the availability of sufficient sunlight and irradiance levels, and it is estimated that there are over four million buildings with rooftop solar potential in the peninsula. As a result, and with the backing of the government, the electricity generated by solar PV is expected to increase from 194 GWh to 13,540 GWh by 2050.