113 ANNUAL REPORT 2022 STRATEGY & OUTLOOK BUSINESS REVIEW - GREEN TECHNOLOGIES Our earliest investment was in the area of marine technology through Norwegian start-up Lift Ocean in late 2020. YGT and Lift Ocean developed the concept for Hydroglyder – a passenger harbour craft equipped with advanced hydrofoil technology, which was showcased during the Singapore Maritime Technology Conference 2021 and Nor-Shipping 2022. Work is progressing well, and the prototype will be launched early in 2023. In September 2021, Yinson, as part of a consortium called Goal Zero, was awarded funding to develop, deploy and commercialise a fully electric cargo vessel with interoperable swappable batteries and charging infrastructure solutions by the MPA and SMI. In the consortium, YGT will spearhead Goal Zero’s overall programme management and commercialisation, while Seatech Solutions is the lead of the consortium, developing vessel design and system integration. As the second busiest port in the world, attracting around 130,000 vessel calls per year, the Port of Singapore sees decarbonisation as a top priority. YGT, which is headquartered in Singapore, is excited to support the transformation of Singapore into a sustainable global hub port. In October 2021, we became a cornerstone investor into Shift, a Canada-based energy storage solutions company working to lower or eliminate dependence on fossil fuels in marine and industrial applications. Both parties also concurrently entered into a binding MoU with the intention to form a joint venture to accelerate the large-scale rollout of Shift’s solutions in Southeast Asia and beyond. The partnership leverages Yinson’s strong presence in Southeast Asia to offer Shift’s 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. Our investments into marine tech draw synergies from Yinson’s experience in the offshore technologies and applications, and ultimately aim to contribute to a globally integrated, technologically advanced clean logistics ecosystem. On the mobility side, we are actively participating in the development of EV infrastructure in Malaysia and Singapore. Just weeks ago, we launched our electric fleet leasing service, which provides full-fledged, affordable and reliable leasing of fleets to companies in Singapore and Malaysia. Through this Mobility as a Service offering, we aim to help businesses easily transition from traditional internal combustion engines to EVs. Concurrently, we also formed a joint venture with GTMA to develop and operate chargEV, Malaysia’s largest EV charging network. Even prior to the formalisation of the joint venture, our team has been working hard to lay the groundwork for a substantial upgrade of the chargEV infrastructure, and we have now swung into high gear to implement our plans. With the combined strengths of YGT and GTMA, EV users in Malaysia can look forward to planned improvements including the repair and upgrade of existing charging stations, improved customer service standards and the development of a new back-end system and mobile app. Earlier in 2021, we invested in Oyika – a start-up that aims to lower the barriers to EV adoption starting with a battery swap service bundled with an electric motorbike, made available through affordable subscription plans. Oyika’s solution has been successfully implemented in Indonesia and Cambodia, and with Yinson’s support Oyika is now working to expand to other regions. Southeast Asia is the world’s largest motorbike market, with motorbikes constituting up to 85% of vehicle population. Of these, less than 0.1% are electric. Each internal combustion engine motorbike on the road replaced by an e-motorbike saves about one tonne of CO2 equivalent per year. Thus, a significant reduction in carbon emissions can be made through the introduction of such EV solutions. We kicked off our investments into autonomous vehicle technologies through a co-investment with Singapore’s SMRT Ventures into MooVita in June 2021. The co-investment aims to accelerate the development, commercialisation and international expansion of comfortable driverless solutions for public transportation and the urban environment, leveraging on Yinson’s experience in logistics and energy; as well as SMRT Ventures’ experience in Singapore’s transport ecosystem. We subsequently acquired a controlling stake in eMoovit, MooVita’s operating arm in Malaysia, in December 2021. These investments into autonomous solutions opened the doors for us to enter into a tri-party research collaboration agreement with the National University of Singapore and MooVita, to develop a Level 4 autonomous bus shuttle to operate within the university campus. We have made significant strides in 2021 within all three segments, and we are beginning to see our investments contribute to the strengthening of a green ecosystem that acts as an enabler for the energy transition.
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