Insider Brief
- Yinson GreenTech’s EV charging business, chargEV, has received an investment from Khazanah Nasional Berhad to expand Malaysia’s EV charging infrastructure.
- The investment aligns with Malaysia’s National Energy Transition Roadmap (NETR) and supports the Ministry of Investment, Trade and Industry’s commitment to installing 10,000 EV charging stations nationwide by 2050.
- chargEV has seen significant growth, with a fivefold increase in pay-per-use revenue and a doubling of charging sessions in 2024, reinforcing its leadership in Malaysia’s EV ecosystem expansion.
PRESS RELEASE – Yinson GreenTech announced that its electric vehicle (EV) charging business, chargEV, had received an investment from Khazanah Nasional Berhad (“Khazanah”).
Khazanah, through Dana Impak, is supporting the Government of Malaysia’s efforts to spur & prepare Malaysia for EV adoption, by supporting chargEV, a market leader, seeded by Malaysian Green Technology and Climate Change Corporation (“MGTC”), an agency under the Ministry of Natural Resources and Environmental Sustainability (“NRES”).
This is in line with Malaysia’s transition towards a greener economy and its long-term vision for sustainable development, as outlined in the National Energy Transition Roadmap (“NETR”) to achieve net zero emissions target by 2050.
This will help chargEV to increase the number of charging stations nationwide to support the Ministry of Investment, Trade and Industry’s (“MITI”) commitment to install 10,000 EV charging points.
“We are honoured to receive Khazanah’s investment through Dana Impak,” said Lim Chern Yuan, Chief Executive Officer of Yinson GreenTech. “This partnership will further bolster our financial strength, allowing us to scale up our operations and reinforce our leadership in Malaysia’s green mobility journey. This investment arrives at an opportune time, as we are experiencing substantial business growth. As of December 2024, our pay-per-use revenue has increased fivefold, and our charging sessions have doubled compared to the same period in previous year. We look forward to further enhancing the country’s EV ecosystem to meet the rapidly growing demand for reliable, convenient and seamless charging experiences across Malaysia.”
Khazanah Managing Director, Dato’ Amirul Feisal Wan Zahir said, “We are pleased to support chargEV to prepare and boost Malaysia’s electric vehicle charging infrastructure (EVCI) network. This investment is our commitment to facilitating the nation’s transition towards a low-carbon future and aligns with the Energy Transition pillar under Khazanah’s Malaysia Strategy anchored on the “A Nation that Creates” framework. As Malaysia’s electric vehicle ecosystem is still in its infancy, our involvement is aimed at nurturing its growth. We hope it will also inspire other investors to join the effort, creating a collaborative approach to building a comprehensive and reliable EV infrastructure across the nation.”
En Saiful Adib Abdul Munaff, Acting Group Chief Executive Officer of MGTC, reiterated, “We applaud this partnership and investment to further accelerate the expansion of EV charging infrastructure. At the start of 2025, we have 3,611 charging points nationwide. It is important to continue to increase this number, but it is also important to ensure that these chargers are deployed in the right areas and fully utilised. A good EV charging network is the backbone to support the transition towards EVs. We also encourage CPOs to explore innovative and unique ways to incorporate renewable energy as the main energy supply to further increase the sustainability of driving EVs.”
