Yinson, through its wholly owned subsidiary Yinson Green Technologies (M) Sdn Bhd (“YGTM”), has signed a joint venture shareholders’ agreement with GreenTech Malaysia Alliances Sdn Bhd (“GTMA”), a wholly owned subsidiary under the Malaysian Green Technology and Climate Change Corporation (“MGTC”), a government agency under the purview of the Ministry of Environment & Water (KASA). The purpose of the joint venture agreement is to accelerate the development of electric vehicle (EV) charging infrastructure in Malaysia. 

Under the agreement and subject to completion conditions, YGTM will own the majority stake in the joint venture company (“JV Company”), which shall carry out the commercialisation, operation and maintenance of ChargEV – Malaysia’s national low carbon mobility program under MGTC and the largest EV charging network with over 400 charging stations nationwide. The agreement follows on from a Term Sheet signed between YGTM and GTMA in October 2021.

The joint venture strategically leverages on Yinson’s experience in logistics, sustainability governance, technology development and synergies from its diverse business divisions. In addition, the strategic partnership with GTMA, which is tasked by MGTC to accelerate and expand ChargEV’s existing infrastructure, aims to maintain ChargEV’s position as the major EV charging station infrastructure provider in Malaysia. 

With the combined strengths of Yinson and GTMA, 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.

Yinson Executive Vice President of Technology and New Ventures Eirik Barclay said, “This joint venture is a testament of the solid partnership between Yinson and GTMA, 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.” 

Adding on, Yinson Senior Vice President of Electromobility Ruslin Tamsir commented, “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.” 

“As a business-focussed entity of MGTC, and premised on the promotion of sustainability and green growth, GTMA is committed to deliver on the adoption of electric mobility, which is one of the focus areas in reducing GHG emissions highlighted in the Low Carbon Mobility Blueprint 2021-2030. To fully realise the objectives of the electric mobility plan, a holistic EV ecosystem needs to be in place which, apart from building up the EV penetration rate, should also focus on a comprehensive and well-planned infrastructure framework to support the EV growth. Additionally, for successful implementation of the EV ecosystem, the involvement and participation of various stakeholders from both the government and private sector is crucial.  Thus, this strategic partnership between GTMA and YGTM synergises the strengths, expertise and opportunities of both partners in the promotion of the EV industry through the development and enhancement of the charging infrastructure framework. Through this collaboration, GTMA expects to increase not just the current number of charging stations throughout the country (from 400 odd units to 2500 units) but also to further improve and strategise its penetration in terms of locality, operation and overall functionality. We hope this venture will contribute towards the promotion of a viable and thriving electric mobility agenda for the country as well as assisting in efforts towards Malaysia becoming a carbon neutral nation by 2050,” said Datuk Hiswani Harun, Chairman of the Board, GTMA.