Yinson Venture Capital Pte, Singapore-based subsidiary of energy technology company Yinson Holdings Berhad, has invested in Canadian energy storage solution company Sterling PBES Energy Solutions to reduce dependence on fossil fuels in marine and industrial applications.
As disclosed, the companies have also signed a memorandum of understanding (MoU) to form a joint venture to accelerate the large-scale rollout of Sterling’s clean energy solutions in Southeast Asia and beyond.
The new investment is in line with Yinson’s goals of achieving carbon neutrality by 2030 and net-zero targets by 2050 set by the International Maritime Organisation (IMO).
“Energy storage is key to the decarbonisation 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,” Yinson Group Chief Strategy Officer, Daniel Bong highlighted.
Yinson Executive Vice President New Ventures and Technology, Eirik Barclay added that the partnership also aims to extend the technology to the non-maritime sectors which are centric to YGT’s electrification of mobility strategy.
The new agreement follows the companies’ signing up to Goal Zero consortium, which was awarded funding by the Maritime and Port Authority of Singapore (MPA) and Singapore Maritime Institute (SMI) to develop a fully electric cargo vessel. The announcement of the new project and funding was revealed in August this year.
Sterling PBES Energy solutions joined the project as a battery technology partner, while Yinson, through its division Yinson Green Technologies Pte (YGT), will be in charge of overall program management and commercialization.
Currently, Yinson invests in four business divisions – offshore production, renewables, green technologies and offshore marine. Its geographical presence extends across the world, from West Africa, the Americas, Europe and Southeast Asia.
The firm established its green technology division in 2020, with the aim of accelerating the transition to a net-zero world through investments in green technologies.