KUCHING (Oct 27): Analysts are positive on Yinson Holdings Bhd (Yinson), through its wholly owned subsidiary Yinson Green Technologies (M) Sdn Bhd, signing a term sheet with GreenTech Malaysia Alliances Sdn Bhd (GTMA), a wholly owned subsidiary under the Malaysian Green Technology and Climate Change Corporation (MGTC) that aims to accelerate the development of electric vehicle (EV) charging infrastructure in Malaysia.
The Term Sheet sets the salient terms of the joint venture between both parties with majority stake owned by Yinson to provide EV charging stations in Malaysia, building upon the ChargEV network with over 400 charging stations nationwide established by MGTC, which will be injected into the joint venture.
The joint venture will strategically leverage on Yinson’s experience in logistics, sustainability governance, technology development and synergies from its diverse business divisions, as well as ChargEV’s existing infrastructure and position as the EV charging station infrastructure provider.
Yinson group chief executive officer, Lim Chern Yuan commented that the joint venture presents a unique opportunity for both parties to combine their respective strengths to significantly accelerate Malaysia’s transition to a more environmentally sustainable transport network.
“Yinson and GTMA share a common goal to encourage EV adoption in Malaysia, which ultimately helps to mitigate global climate change issues. The signing of this Term Sheet follows Yinson’s recent investments into e-mobility, autonomous driverless solutions and electric harbour crafts, presenting the next step in Yinson’s roadmap of building an integrated green mobility solution,” said Lim.
The term sheet covers YGT initially owning a 70% equity stake in the JV, which will be injected with GTMA’s wholly owned ChargEV, currently owning over 400 charging
stations nationwide and dominates this segment as other operators ParkEasy, JomCharge and ChargeN’ Go have deployed only 60 at this stage.
ChargEV charges RM240 annually for unlimited charging on its 9,850 members currently.
Source : The Borneo Post