82 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 Adoption is spurred by goals set by Malaysia and Singapore governments to reach 10,000 chargers by 2025 and 60,000 chargers by 2030 respectively, alongside supportive regulatory incentives, greater availability and affordability of EV models through local EV automotive manufacturing facilities and improved power infrastructure. Singapore remains fiercely committed to decarbonising its ports, spurring a flurry of research, innovation and investment into electrifying port operations. In Singapore, about 30%, equating to approximately 550, of existing harbour crafts are now above 20 years of age and are due for replacement. Singapore’s Maritime Port Authority (“MPA”) has announced that by 2030, all new harbour crafts shall either be clean fueled or fully electric. Our Hydromover and Hydroglyder solutions are able to meet the specifications for nearly half of the ICE vessels in the current market that will be due for replacement before 2030, providing ample potential for commercial uptake in the near future. These market conditions have enabled Yinson GreenTech to make steady progress against our six strategic goals that were set in 2020. STRATEGIC GOALS (2020 – 2030) PROGRESS AGAINST OUR GOALS Identify and invest in strategic green technology companies and develop assets within the marine, mobility and energy segments. Investee companies include: • Lift Ocean: Advanced hydrofoil system for electric vessels. • Oyika: E-bike and swappable batteries. • MooVita: Autonomous systems for electric buses. • Shift Clean Solutions: Marine energy storage solutions. • eMooVit: Autonomous and robotic technologies. • Zeabuz: Maritime autonomous solutions. Relentlessly drive innovation in alignment with government incentives and industry trends. Our investments into research and innovation include: • National University of Singapore (NUS): Joint Programme for Autonomous Bus. • Maritime Port Authority of Singapore (MPA): Electric vessels and charging infrastructure for ports. • Technology Centre for Offshore and Marine Singapore (TCOMS) and Singapore Institute of Technology (SIT): Digital twins for electric vessels. • Singapore University of Technology and Design (SUTD) and Pelagus 3D: 3D printing of boat hull. • Cyberview Sdn Bhd: Cyberview Malaysia Living Lab and Office. • Singapore Institute of Technology (SIT): Future Communications Programme grant call for 5G plans and developments. • Ngee Ann Polytechnic: synergy.lab for smart grid solutions. Build low-carbon businesses serving commercial and industrial customers, supporting their own net zero ambitions. Customers who are partnering with us to decarbonise their business include: • Pos Malaysia • Jurong Port • Starbucks Malaysia • OPL Services • AEON Group • Lita Ocean • Eco World Development Group Berhad • DM Sea Logistics • Berjaya Times Square • Kanlian Ferry • UEM Edgenta • Tian San Shipping • Cyberview Sdn Bhd • RW Marine • Iskandar Investment Berhad MEETING OUR STRATEGIC GOALS IN LINE WITH THE ELECTRIFICATION MEGATREND It is clear that the future of transportation is electric. Electric vehicle sales break records every year, and 2023 was no different, surpassing 13 million units worldwide. A compound annual growth rate (“CAGR”) of about 94% is projected through to 2028. EV sales in emerging economies such as India, Thailand and Indonesia shot up to 840,000 units, an indicator that EV prices more evenly match Internal combustion engine (“ICE”) vehicles now. EV infrastructure is growing in tandem, with about 4 million public charging points installed globally at end 2023. These trends are set to continue, paving the way for further growth when new models hit the markets in coming years. In Malaysia, where Yinson GreenTech owns and operates the nation’s charging infrastructure trailblazer, chargEV, the pace of EV adoption is accelerating beyond expectation. Malaysia’s Ministry of Trade and Industry announced that the country surpassed 100,000 registered EVs in December 2023, ahead of projections. This prompted a revision in national EV targets from 15% to 20% by 2030; and 38% to 50% by 2040.
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