88 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 YINSON GREENTECH YEAR IN REVIEW It has been another busy and fruitful year for YGT as we continue on our quest to electrify the land and sea transportation ecosystem towards accelerating the transition to a net zero world. Significant progress was made in chargEV, our charging infrastructure business. Since formalising our partnership with Malaysia Green Technology and Climate Change Corporation (MGTC) in February 2022 via a joint venture partnership, we have secured partnerships with retailers such as AEON, Berjaya Times Square and Starbucks, with many more such partnerships soon to be announced. Excitingly, we have recently joined hands with Gentari and EV Connection to make chargers from our three networks collectively available to our members via our respective mobile apps. This allows us to build the nation’s charging infrastructure without having to compete in the same locations, thereby accelerating EV adoption rates. In March 2023, chargEV entered Singapore through a joint venture with Singapore-listed LHN Group. We now have chargers in Ang Mo Kio, with more to be rolled out in the coming year. Since taking over operations at chargEV, we have worked hard to improve the overall user experience for our services, including beefing up customer support, enabling charging via our mobile app, replacing broken and outdated chargers and introducing fast chargers to our network. We expect significant growth in our number of charge points by 2030 to maintain our leading position in the nation. Our EV leasing business, drivEV, made its debut in Singapore and Malaysia in mid-2022. Along with being electric, our fleet is equipped with Telematics, Driver Behaviour Monitoring System, Advanced Driver Assistance System and GPS tracking, enabled through our proprietary mobile app. Since then, in Malaysia, we have collaborated with Dinamikjaya Motors to lease EVs to its customers and have also leased our EVs to corporates such as Wasco Energy and Starbucks for use in their corporate fleets. In Singapore, 10 EV vans have been leased to various corporate clients, and the lease of an autonomous EV bus has been secured for use in 2023. There are exciting days ahead as we get ready to introduce rydeEV, our e-bike with swappable batteries powered by Oyika, into Malaysia. We expect to roll out 150 e-bikes and 400 swappable batteries across the Klang Valley by the end of 2023. Looking now at our marine electrification efforts, we have continued building prototypes of our electric passenger vessel, Hydroglyder, and our electric cargo vessel, Hydromover. The Hydroglyder, which features advanced hydrofoil technology, aims to achieve between 20% and 50% energy savings compared to a non-hydrofoil craft and is poised to be Singapore’s first all-electric hydrofoil vessel. The Hydromover, which kickstarted construction in September 2022, aims to save operational expenses by up to 50% compared to conventional vessels. Both prototypes are close to completion, and on track for full testing by end-2023.
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