Yinson Venture Capital invests in clean energy storage solutions

KUALA LUMPUR: Yinson Holdings Bhd‘s Singapore-based subsidiary Yinson Venture Capital Pte Ltd has invested in clean energy company Sterling PBES Energy Solutions Ltd.

In a statement, the group said the investment fits firmly in its 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.

Sterling PBES is a Canada-based energy storage solutions company that is working to lower or eliminate dependence on fossil fuels in marine and industrial applications, it said.

In addition to the investment, Yinson Venture Capital and Sterling PBES have entered into a binding memorandum of understanding to form a joint venture to accelerate the large-scale rollout of the latter’s solutions in selected countries in Southeast Asia and beyond.

“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 decarbonisation initiatives taking place globally,” said Yinson executive vice-president of new ventures and technology Eirik Barclay.

He said 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.

The partnership would also be extended to the non-maritime sector, which are centric to Yinson’s electrification of mobility strategy, he added.