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Yinson invests in Canadian marine battery energy storage solutions

Kuala Lumpur, Malaysia – Yinson Holdings Berhad , through Singapore-based subsidiary Yinson Venture Capital Pte Ltd (a wholly owned subsidiary of Yinson Green Technologies Pte Ltd), has invested in Sterling PBES Energy Solutions Ltd (SPBES), a Vancouver-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 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.

“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.” (SPBES batteries image from Yinson)

Concept of the Hydroglyder, a harbour craft equipped with advanced hydrofoil technology, enabling the craft to fly above water, greatly reducing water resistance and thereby increasing energy efficiency.