KUALA LUMPUR: Yinson Holdings Bhd unit Yinson Green Technologies (M) Sdn Bhd, has signed a term sheet with GreenTech Malaysia Alliances Sdn Bhd (GTMA) to speed up the development of electric vehicle (EV) charging infrastructure in Malaysia.
It said on Tuesday its unit Yinson Green Technologies (M) Sdn Bhd and GTMA, a unit of Malaysian Green Technology and Climate Change Corporation (MGTC) would undertake the development.
Yinson will have the majority stake 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 on 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,” it said.
Yinson group CEO, Lim Chern Yuan said joint venture enabled 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 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.
Datuk Hiswani Harun, chairman of the board, GTMA 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 the climate change but also improve the local green economy and create green jobs for Malaysians,” said Hiswani.