Yinson GreenTech has increased its stake in leading marine industry energy storage solution provider Shift Clean Solutions through the acquisition of all outstanding shares from TTB Holding, held by Shift’s founders, Brent Perry and Paul Hughes.
Following the acquisition, YGT will become the single largest shareholder of Shift with the remaining shares being held by Shapoorji Pallonji and Delsys FZCO.
This strategic acquisition will drive further innovation and commercialisation of Shift’s battery storage technology and accelerate Shift’s ongoing expansion into new markets and geographies.
YGT first collaborated with Shift in early 2021 on the electric passenger craft Hydroglyder, followed by the electric cargo harbour craft Hydromover later that year. In October 2021, YGT made an initial investment in Shift, and since then both parties have been collaboratively working to accelerate the large-scale rollout of Shift solutions in selected regions. YGT’s continued investment in Shift is in line with its strategic plans to further strengthen its capabilities in energy storage solutions, towards creating a holistic ecosystem of green transportation across land and sea.
