KUALA LUMPUR: Yinson Holdings Bhd is set to lower or eliminate dependence on fossil fuels in marine and industrial applications by investing in Canada-based energy storage solutions provider Sterling PBES Energy Solutions Ltd.
The investment was made through Singapore-based Yinson Venture Capital Pte Ltd, which is a wholly-owned subsidiary of Yinson Green Technologies Pte Ltd (YGT).
Yinson said the investment suited firmly in YGT's strategy of investing in the marine electrification area, and closely aligned with the group's climate goals of achieving carbon neutrality by 2030 and net zero by 2050.
YGT and Sterling PBES have also entered into a memorandum of understanding (MoU) to form a joint venture to accelerate the large-scale rollout of Sterling PBES' solutions within selected countries in Southeast Asia and beyond.
The investment and MoU marked progressive steps in the deepening business relationship between the two companies.
Yinson and Sterling PBES initially collaborated on the design development of Hydroglyder, the former's fully electric passenger craft with swappable batteries.
It 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 said the partnership would leverage on the company's strong presence in Southeast Asia.
This would offer Sterling PBES 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 Sterling PBES is equipped with high standards in marine energy storage system capabilities, including advanced technology and outstanding safety features. As a pioneer in this space, it is uniquely positioned to take advantage of the marine decarbonisation initiatives taking place globally.
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 said the company shared the goal of delivering zero-emission solutions towards achieving a globally integrated, technologically advanced clean logistics ecosystem.
"Energy storage is key to the decarbonisation for the transport industry," he added.
Sterling PBES chief executive officer Brent Perry said the company was thrilled to have Yinson on board as its cornerstone investor.
"Our company has big plans to play a leading role in global clean energy solutions, and Yinson is an excellent partner for our goals."