Bursa-listed company Yinson, through its wholly owned subsidiary Yinson Green Technologies, has signed a joint venture shareholders’ agreement with GreenTech Malaysia, a wholly owned subsidiary of the Malaysian Green Technology and Climate Change Corporation, a government agency under the purview of the ministry of environment and water.
EV and plug-in hybrid owners would know of GreenTech and its ChargEV charging network, and the purpose of this JV is to accelerate the development of EV charging infrastructure in Malaysia.
Under the agreement, Yinson will own the majority stake in the JV company, which will carry out the commercialisation, operation and maintenance of ChargEV, which is the largest EV charging network in Malaysia with over 400 charging stations nationwide. This agreement follows the signing of a term sheet by both parties in October 2021.
Founded in 1983, Yinson had humble beginnings in transport and logistics before entering the oil and gas industry through offshore production. In 2014, Yinson acquired an established Norwegian FPSO company and entered the floating production storage and offloading business. Of late, it has diversified into green technology and renewables.
Yinson says that the JV leverages on its experience in logistics, sustainability governance, technology development and synergies from its diverse business. The strategic partnership with GreenTech aims to maintain ChargEV’s position as the main EV charging station infrastructure provider in Malaysia as EVs rise in popularity.
Yinson says that with the combined strengths of both parties, EV users in Malaysia can look forward to a stronger ChargEV network and infrastructure, with planned improvements including the repair and upgrade of existing charging stations, improved customer service standards and the development of a new back-end system and mobile app.
GreenTech chairman Datuk Hiswani Harun said that through this collaboration, GreenTech expects to increase not just the current number of charging stations across the country – from 400 odd units to 2,500 units – but also to further improve and strategise its penetration in terms of locality, operation and overall functionality.
“This joint venture is a testament of the solid partnership between Yinson and GreenTech, and signifies a major step towards achieving both parties’ shared goal of accelerating Malaysia’s transition to a more sustainable transport network. By providing a reliable, affordable and accessible charging network, we aim to make EVs an attractive mobility option for all Malaysians, which ultimately contributes to the mitigation of global climate change challenges,” said Yinson executive VP of technology and new ventures Eirik Barclay.
“The Yinson-ChargEV team has been working together closely over the past year to lay the groundwork for a substantial upgrade of ChargEV infrastructure in anticipation of the formalisation of this joint venture. We have now swung into high gear to implement our plans, and are excited to roll out these improvements to the Malaysian public in the coming months,” Yinson senior VP of electromobility Ruslin Tamsir added.
The post Yinson forms JV with GreenTech to develop ChargEV charging network – expansion, repair, app planned appeared first on Paul Tan's Automotive News.
0 Comments