Yinson Green Technologies has announced that it has signed a term sheet with GreenTech Malaysia Alliances (GTMA) to cooperate on the development of electric vehicle (EV) charging infrastructure in Malaysia. Yinson said it will have the majority stake in the joint venture, which will provide EV charging stations in the country.
Development will build upon the ChargEV network established by Malaysian Green Technology and Climate Change Corporation (MGTC), which will be incorporated into the JV. Introduced in August 2015, the ChargEV network currently has over 400 chargings stations nationwide.
“The joint venture will strategically leverage 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,” the company said via a statement.
Yinson Group CEO Lim Chern Yuan said that the partnership would allow both parties to combine their respective strengths to accelerate charging infrastructure development in the country. “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,” he said.
Yinson senior VP 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 domestic businesses and consumers. “We aim to develop an end-to-end integrated platform-based solution to serve all constituents across the EV charging ecosystem,” he said.
GTMA chairman Datuk Hiswani Harun said the partnership would enable the opportunities of the ChargEV charging network to be advocated to more EV users nationwide, and added that the parties will be exploring several implementation mechanisms such as outright purchase, leasing and transit-oriented developments.
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