Yinson Annual Report 2021

59 ANNUAL REPORT 2021 GREEN TECHNOLOGIES GREEN TECHNOLOGIES UPDATES The Division was started up in September 2020 and officially launched during Singapore Marine Technology Conference 2021. During the event, we were able to engage with various stakeholder groups on our value proposition and demonstrate some of the technologies that we are investing in. It is early days yet for the Division, but we are pleased to have embarked on several exciting initiatives which are starting to yield positive outcomes. In FYE 2021, we invested in Norwegian startup tech company, Lift Ocean AS, on the development and commercialisation of hydrofoil technology for marine harbour crafts. A concept model of the Hydroglyder, a harbour craft equipped with the advanced hydrofoil technology, was developed in April 2021, with simulations showing a reduction in energy costs of up to 90% while achieving cruising speeds of 25 knots and providing superior comfort for passengers. We have initiated the development of a prototype to a commercial hydrofoil electric vessel to be tested by early 2022. We entered into an agreement with global maritime industry company, Wilhelmsen, for a fast-forward programme which provides exclusive access to 3D printing technology and products. To further unlock the value of 3D printing technology, we participated in a Wilhelmsen-led Joint Industry Project being one of 11 projects awarded by the Maritime and Port Authority of Singapore under its Maritime Innovation and Technology Fund, which shares a total of SGD1.652 million in co-funding. Yinson joins global leading original equipment manufacturers, class society, technology partners and other forward-leaning end users in this consortium. We believe this digitalisation initiative can reduce total cost of ownership, risks and environmental impacts while improving efficiency, thus, generating greater value to all our stakeholders in the long term. We are also evaluating a number of strategic investments in the e-mobility sector with a view to establish our presence in the electrification of land transport, charging infrastructure and autonomous technologies. Yinson is actively pursuing several other initiatives in the green technologies space. We look forward to sharing more developments soon. EIRIK BARCLAY Group Executive Vice President, New Ventures and Technology CREATING A DIGITAL ECOSYSTEM OF GREEN ENERGY SUPPLY loT BASED VALUE CHAIN CENTRALISED DATA MANAGEMENT DIGITAL ECOSYSTEM FLEET MANAGEMENT ENERGY PRODUCER SERVICES & SUPPLIES REMOTE SYSTEM MONITORING ENERGY SUPPLIER DASHBOARD ON LOGISTICS ON DEMAND APPLICATIONS LOGISTICS & CONNECTIVITY BUSINESS INTEGRATION SERVER