Yinson Holdings Berhad through its wholly-owned subsidiary Yinson Green Technologies (M) Sdn Bhd, has signed a joint venture shareholders’ agreement with GreenTech Malaysia Alliances Sdn Bhd subsidiary under the Malaysian Green Technology and Climate Change Corporation in a joint venture developing a series of electric vehicle charging infrastructure in Malaysia.
Under the agreement YGTM will own the majority stake in the joint venture company, which will carry out the commercialisation, operation and maintenance of ChargEV – Malaysia’s national low carbon mobility programme under MGTC and the largest EV charging network with over 400 charging stations nationwide.
The joint venture will leverage 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.
Yinson Executive Vice President of Technology and New Ventures Eirik Barclay said, “This joint venture is a testament to 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.”
MGTC with GTMA has been engaging with stakeholders in accelerating Malaysia’s EV transition, the commitment to delivering on the adoption of electric mobility is one of the focus areas in reducing GHG emissions highlighted in the Low Carbon Mobility Blueprint 2021-2030. According to the agency, 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.
Datuk Hiswani Harun, Chairman of the Board, GT said for successful implementation of the EV ecosystem, the involvement and participation of various stakeholders from both the government and private sector is crucial. 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.
He added that with this jv he hoped it 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
