Yinson, 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) 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 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.
Yinson Senior Vice President of Electromobility, Ruslin Tamsir said that the joint venture 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 joint venture arising from this Term Sheet will further strengthen our ability to generate value for investors, the general public and the environment,” said Ruslin.
“We are delighted to partner with Yinson to jointly accelerate climate action and further green lifestyle adoption in Malaysia. 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 the climate change but also improve the local green economy and create green jobs for Malaysians,” said Datuk Hiswani Harun, the Chairman of the Board, GTMA.
She also 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.”
