INGRESS Corp Bhd will team up with H2E Engineering Sdn Bhd via Matrix Hydro Generation Sdn Bhd to implement mini hydropower generation in four locations in Peninsular Malaysia.

Ingress yesterday bought the entire RM2 share capital of Matrix Hydro from Aliah Ismail and Nor Zilah Nazir.

On the same day, Ingress signed a joint venture deal with H2E to "join their expertise and resources in Matrix Hydro" for the power project that will have a combined capacity of 8.4 megawatt.

Matrix Hydro's paid up capital will be increased to RM200,000 divided into 200,000 shares, Ingress told the Kuala Lumpur Stock Exchange yesterday.

Ingress will then have 140,000 shares representing a 70 per cent stake in the enlarged Matrix Hydro, while H2E, the remaining 60,000 shares or 30 per cent.

Matrix Hydro's authorized capital will also be raised to RM1 million from the current RM100,000.

H2E is owned by Hamidah Hamid, Herman Abdul Latiff, Rosmina Alighor and Halida Kamarulzaman.

Ingress and H2E had previously been granted the approval by the Ministry of Energy, Communications and Multimedia to start construction of plants, with an estimated project cost of RM45 million, within 24 months from January 27.

The approval was subject to obtaining a Generation License from the Energy Commission and obtaining written approval from the Director-General of Environmental Quality.

It was also subject to executing a power purchase agreement with the relevant utility company and submitting quarterly reports to the ministry.