CFM, Energy Absolute form JV to distribute EV products in Malaysia

KUALA LUMPUR: Computer Forms (Malaysia) Bhd (CFM) and Thailand-based company, Energy Absolute Public Company Ltd (Energy Absolute) are collaborating to form a joint-venture (JV) company to promote, produce and distribute renewable energy (RE) products in Malaysia.

CFM group managing director Datuk Justin Lim Hwa Tat said the collaboration is underpinned by Energy Absolute’s core capabilities and know-how.

Energy Absolute is engaged in the business of manufacturing and distributing of crude palm oil, biodiesel products and glycerol, operating renewable power plants, and developing, manufacturing and distributing electric batteries.

Lim said the JV company will maximise opportunities in the production and distribution of electric vehicles (EVs) such as as EV-buses, cars, trains, bikes and boats -- an area where Energy Absolute has strong resources and proven capabilities in Thailand.

"The company will invest as estimated RM5 billion in stages in this collaboration and other ventures, including developing energy storage and charging platforms and producing lithium-ion batteries to support the EV ecosystem in Malaysia,” he said at the Heads of Agreement signing ceremony here today.

Lim said additionally, the JV company will embark on several RE projects to expedite Malaysia’s energy conversion mandate, based on the Paris Agreement (COP21).

Additionally, the company will be rolling out plans to produce lithium-ion batteries and investing in the energy storage systems and charging stations to support the EV ecosystem.

The two parties also pledged to invest in solar and wind RE power plants in the near future.

"These investments will be driven by new teams from both nations to integrate clear energy and mobility solutions to help Malaysian corporations decarbonise effectively,” Lim said.

Meanwhile, Energy Absolute chief executive officer, Somphote Ahunai said the company was the first company in Thailand to have successfully established a fully integrated EV ecosystem.

This year, the company has started to implement the green transport initiative, connecting their EV-bus through EV-ferry using the ultrafast charging technology in Bangkok.

"We do believe through our collaboration, we can successfully implement the same platform to Malaysia,” he added.

In addtion to the partnership agreement, renowned bus and coach supplier Gemilang International also signed with CFM to purchase 200 units of EV buses from CFM’s and Energy Absolute’s new JV company. - Bernama