Yinson has signed a joint venture shareholders' agreement with GreenTech Malaysia. The purpose of this JV is to accelerate the development of EV charging infrastructure in Malaysia. Yinson will own the majority stake in the JV company, which will carry out the commercialisation, operation and maintenance.
Yinson began in the transportation and logistics industry before moving into the oil and gas industry through offshore production in 1983. Yinson entered the floating production storage and offloading sector in 2014 after purchasing an established Norwegian FPSO company. It has recently expanded into green technology and renewables.
EV users in Malaysia can expect a stronger ChargEV network and infrastructure thanks to the combined strengths of both parties, according to Yinson, with planned improvements including the repair and upgrade of existing charging stations, improved customer service standards, and the development of a new back-end system and mobile app.
GreenTech chairman Datuk Hiswani Harun stated that the company expects to increase not only the current number of charging stations across the country – from 400 to 2,500 – but also to improve and strategize its penetration in terms of location, operation, and overall functionality through this collaboration.
The move is part of Yinson's aim to accelerate Malaysia's transition to a more sustainable transport network by providing an affordable and accessible charging network.