MoU concurrently inked to accelerate large-scale rollout of clean and zero emission shipping energy storage solutions regionally
Kuala Lumpur, Malaysia; 6 October 2021: Yinson Holdings Berhad (“Yinson” or the “Group”), through Singapore-based subsidiary Yinson Venture Capital Pte Ltd (a wholly owned subsidiary of Yinson Green Technologies Pte Ltd “YGT”), has invested in Sterling PBES Energy Solutions Ltd (“SPBES”), a Canada-based energy storage solutions company working to lower or eliminate dependence on fossil fuels in marine and industrial applications.
This clean energy investment fits firmly in YGT’s strategy of investing in the marine electrification area, and closely aligns with the Group’s Climate Goals of achieving carbon neutrality by 2030 and net zero by 2050.
In addition to the investment, YGT and SPBES have also entered into a binding Memorandum of Understanding (“MoU”) with the intention to form a joint venture collaboration to accelerate the large-scale rollout of SPBES’ solutions within selected countries in Southeast Asia and beyond.
The investment and MoU mark progressive steps in the deepening business relationship between the two companies. Yinson and SPBES initially collaborated on the design development of Hydroglyder – Yinson’s fully electric passenger craft with swappable batteries; then also became part of the Goal Zero consortium led by Seatech Solutions International Pte Ltd, which was awarded funding by the Maritime and Port Authority of Singapore (MPA) and Singapore Maritime Institute (SMI) in August 2021 to provide a fully electric harbour craft solution for the Port of Singapore.
Yinson Executive Vice President New Ventures and Technology, Eirik Barclay commented that the partnership would leverage Yinson’s strong presence in Southeast Asia to offer SPBES business solutions to marine, port and other industrial energy storage sectors, as well as to establish service and assembly hubs for energy storage and battery swap solutions.
“We believe that SPBES is equipped with high standards in marine energy storage system capabilities, including advanced technology and outstanding safety features. As a pioneer in this space, SPBES is uniquely positioned to take advantage of the marine decarbonization initiatives taking place globally. Yinson is excited to support the expansion of this clean energy solution in the region,” he commented, adding that the partnership also aims to extend the technology to the non-maritime sectors which are centric to YGT’s electrification of mobility strategy.
Yinson Group Chief Strategy Officer, Daniel Bong highlighted that Yinson and SPBES share the same goal of delivering zero-emission solutions towards achieving a globally integrated, technologically advanced clean logistics ecosystem.
“Energy storage is key to the decarbonization for the transport industry. This collaboration with SPBES aligns strategically with Yinson’s targeted approach for growing our green technologies business, where we leverage our existing strengths and focus on the geomarkets where we are currently active,” he said.
“We’re thrilled to have Yinson on board as our cornerstone investor,” said SPBES CEO Brent Perry, “Our company has big plans to play a leading role in global clean energy solutions, and Yinson is an excellent partner for our goals. Our mutual commitment to working toward zero emissions promises great things ahead as we build energy solutions for the maritime and other industries. Together we will build a new business model for a cleaner world.”
About Yinson Holdings Berhad
“PASSIONATELY DELIVERING POWERFUL SOLUTIONS”
Yinson Holdings Berhad (“Yinson” or the “Group”) is a global energy infrastructure and technology company, listed on the Main Market of Bursa Malaysia Securities Berhad.
Yinson currently invests in four business divisions – Offshore Production, Renewables, Green Technologies and Offshore Marine. Our geographical presence extends across the world, from West Africa, the Americas, Europe and Southeast Asia.
Yinson was established in 1983 as a transport agency in Johor Bahru. In 2011, the Group ventured into offshore production through a joint venture with PetroVietnam Technical Services Corporation to build two offshore production assets. In 2014, Yinson transformed to become a full-scale execution and service FPSO provider through the acquisition of Fred Olsen Production ASA and subsequent divestment of its non-oil & gas business segments. Today, with a fleet of 7 offshore production assets, Yinson has grown to become one of the largest independent FPSO leasing companies in the global FPSO market.
Yinson diversified into renewables in 2019, and targets to become one of the leading clean energy independent power producers (IPPs) globally. Its renewables footprint is rapidly expanding, positioning renewables as a major revenue stream for the Group. Yinson established its Green Technologies Division in 2020, with the aim of accelerating the transition to a net zero world through investments in green technologies.