34 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 GROUP CEO REVIEW YR also made good progress building our presence in Asia, while continuing our expansion in Latin America and Europe. We acquired a majority stake in Indonesian solar system provider Inecosolar, marking our entry into the Indonesian renewable energy space. Also, building on a collaboration agreement we signed with Plus Xnergy in 2021, we formalised the partnership with a joint venture to develop up to 250 MW of commercial and industrial rooftop solar projects in Malaysia. Our focus in the coming year will be on progressing additional projects to be ready for construction and thus towards becoming revenue-generating profitable projects. Additionally, we will continue to look out for appropriate and timely capital recycling opportunities to further increase value to the Group. When YGT was first established in 2020, we entered the market by making strategic green technology investments. A year later, we had identified and started growing the key opportunity areas which Yinson would strategically focus on – the electrification of marine and land transportation. In 2022, we zeroed in on building the businesses where we have operational control, namely our electric vehicle (“EV”) infrastructure business chargEV, our EV leasing business drivEV and our marine electrification business marinEV. We also grew the capabilities of our in-house digital team to develop the architecture and software necessary to integrate the various technologies together; creating a new class of smart assets and establishing technological synergies between the businesses. This digital integration plays a key role in the development of the strong ecosystem of the future. YGT continues to make significant headway towards our goal of decarbonising both land and sea logistics through electrification. This year, we leveraged chargEV, Malaysia’s largest EV charging network, to bring EV charging stations to the masses. To this end, we celebrated two landmark events that took place post year-end. The first was a Memorandum of Understanding (“MoU”) with Gentari and EV Connection to make charging stations from all three providers available to all our members, and the second was our expansion into Singapore through a collaboration with Singapore-listed LHN Group. Another important milestone during the year was the commencement of construction of our allelectric cargo marine vessel, Hydromover, with our Goal Zero Consortium partners. Concurrently, the prototype for Hydroglyder, our fully electric passenger vessel, is undergoing construction. Both of these products are on track for full trials by end-2023. SAFEGUARDING ENERGY SECURITY, SUSTAINABILITY AND AFFORDABILITY Our growth journey is underpinned by the belief that the availability of affordable and sustainable energy is key to generating growth and development across all levels of society, benefitting all mankind. We strongly believe in inclusivity as the world transitions to a low-carbon economy and this is where we believe Yinson can not only play a catalysing role, but also a leadership role. Here, we believe that oil & gas will continue to be relevant to the energy mix for the foreseeable future, and we intend to be an integral part of that landscape. However, alongside this, we hold an equally strong view that diversifying into renewables is necessary to accelerate the energy transition and to capture a greater share of the overall energy infrastructure market. Venturing into green technologies is the next logical step as it will equip us with the capabilities to create accessible solutions to bring affordable green energy to the broader community. The energy trilemma refers to the challenge of balancing three important and often competing priorities in the energy sector – energy security, environmental sustainability and energy affordability. The energy trilemma arises because it is not easy to achieve all three of these goals simultaneously. For example, increasing energy security may require a heavier reliance on fossil fuels, which may have negative environmental impacts and increase costs. On the other hand, pursuing environmental sustainability through an excessively quick rollout of renewable energy can create power network stability issues which will reduce the security of supply, especially in developing countries where a stable energy infrastructure is needed to help people escape poverty and create better lives. Yinson is uniquely positioned to be able to contribute to this balance, and our business decisions are driven by our strong desire to do so. That said, we equally believe that aligning our business decisions with the concerns raised by the energy trilemma is critical to our current and future profitability and sustainability. Modern energy is directly linked to the wellbeing, prosperity and development of every economy, so we believe there will always be a strong demand for it. Thus, Yinson’s ability to contribute to the generation of vital energy products, strengthened by our good operational and ESG track record, provides us with a healthy financial outlook.
RkJQdWJsaXNoZXIy NDgzMzc=