KUALA LUMPUR (Oct 26): Yinson Holdings Bhd — through its wholly-owned subsidiary Yinson Green Technologies (M) Sdn Bhd — has signed a term sheet with GreenTech Malaysia Alliances Sdn Bhd (GTMA), a wholly-owned subsidiary under the Malaysian Green Technology and Climate Change Corporation (MGTC), to accelerate the development of electric vehicle (EV) charging infrastructure in Malaysia.
According to the term sheet, Yinson will hold a majority stake in the joint venture (JV), which will provide EV charging stations in Malaysia.
The deal builds upon the ChargEV network with over 400 charging stations nationwide established by MGTC, which will be injected into the JV.
Yinson noted the JV will strategically leverage the group’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 said the JV 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 the group’s roadmap of building an integrated green mobility solution,” he said in a statement on Tuesday (Oct 26).
Yinson senior vice president of electromobility Ruslin Tamsir said the JV aims to further future-proof Malaysia’s EV market by providing accessible, affordable, and state-of-the-art charging infrastructure to all businesses and consumers in Malaysia.
“We aim to develop an end-to-end integrated platform-based solution to serve all constituents across the EV charging ecosystem, whilst enhancing the effectiveness, affordability, and distribution of smart charging stations and support services across the nation.
“The JV arising from this term sheet will further strengthen our ability to generate value for investors, the general public, and the environment,” he said.
Meanwhile, GTMA chairman Datuk Hiswani Harun said the partnership enables the opportunities of ChargEV charging station network to be advocated to more EV users nationwide.
“We will be exploring several implementation mechanisms such as outright purchase, leasing and transit-oriented developments. This effort will not only help us to address climate change but also improve the local green economy and create green jobs for Malaysians,” she said.
Hiswani added GTMA together with Yinson is committed to advance Malaysia’s adoption of green technology.
“The sustainable environment agenda should be emphasised by all parties. Strategic co-operations like this should be further implemented, and I encourage all sectors, regardless public or private, to come forward with innovation ideas to achieve Malaysia’s ambition of lowering greenhouse gas emission by 45% by 2030,” she said.
Shares of Yinson closed half a sen or 0.84% lower to RM5.87 on Tuesday, valuing the energy infrastructure and technology company at RM6.25 billion.
Source : The Edge Markets