Malaysia’s Yinson Green Technologies to expand EV charging business to Singapore

[KUALA LUMPUR]WITH demand growing for electric vehicle (EV) chargers around the region, Malaysia’s Yinson GreenTech (YGT) – the green technologies division of Bursa-listed Yinson Holdings – wants to establish a network of charging hubs and stations in Singapore in the coming years.

Eirik Barclay, the executive vice-president of new ventures and technology at Yinson Holdings, told The Business Times in a recent interview that it is timely for the company to expand its mobility and energy business in Singapore as the government has shown a “clear vision” to encourage the adoption of EVs.

He cited measures in Singapore such as the Additional Registration Fee floor reduction until the end of 2023, and the revision of the road tax framework for EVs. Together with the EV Early Adoption Incentive and the enhanced Vehicular Emissions Scheme, Barclay said these will further lower the cost of owning an electric car, especially the mass-market models.

The Land Transport Authority (LTA) in Singapore has set a target to have 60,000 charging points islandwide by 2030, up from the current 3,000. To get there, the government will work with the private sector to install 40,000 charging points in public car parks, and 20,000 in private premises.

According to data from the LTA, about one out of every 10 cars sold in the first six months of 2022 – or 1,488 out of 16,567 units – are EVs.

During the interview held in Singapore, Barclay could not give specifics about YGT’s EV business expansion, but he noted that the intention is to establish its EV charging network “through collaboration with like-minded businesses”.

He added that the company is also looking at installing fast-charging facilities that can offer at least 200 kilowatts of charging power. With these, an EV could be fully charged in about 20 minutes, which Barclay said is enough to make the 350 km drive from Singapore to Kuala Lumpur.

YGT currently runs the largest EV charging network in Malaysia with more than 400 stations nationwide under the brand ChargEV. The company is busy expanding its reach by working with other companies including supermarket chains, property developers and retailers.

For instance, YGT joined hands with Berjaya Starbucks Coffee Company in Malaysia to launch the first phase of the chain’s “EV-friendly stores” by setting up charging stations at 17 Starbucks branches in Malaysia.

In August this year, YGT signed an agreement with Aeon and Aeon BiG to provide charging infrastructure at their shopping outlets in Malaysia, as well as to introduce e-mobility leasing solutions for Aeon Group’s logistics fleet.

Other than its work in the EV space, YGT is also busy growing its marine vessels business in Singapore. Last month, YGT and its Goal Zero Consortium partners began construction of a new electric cargo vessel called Hydromover – an electric and zero-carbon emission marine cargo vessel with swappable batteries that is slated for delivery in the second quarter of 2023.

The Hydromover can carry up to 25 tonnes, including batteries, and achieve 50 per cent operational cost savings. When depleted, its battery can be easily swapped within minutes to minimise operational downtime.

The consortium – consisting of YGT, Seatech Solutions International, Shift Clean Energy, Rina Hong Kong’s Singapore branch, the Singapore Institute of Technology, and the Technology Centre for Offshore and Marine Singapore – received one of three grants awarded by the Maritime and Port Authority of Singapore and the Singapore Maritime Institute in August 2021 to develop, deploy and commercialise the fully electric cargo vessel.

YGT’s vice-president of business development Srinivas Tati said there are about 763 cargo vessels in the Singapore port. Of these, 173 are more than 20 years old and these present opportunities that the company can tap.

“The competition will be there, but proving the effectiveness of the solutions and being the first in the market will give us some leeway to build our brand,” he said.