Malaysian energy and infrastructure company Yinson Holdings Berhad (Yinson) has announced investment in Sterling PBES Energy Solutions (SPBES), a Canadian energy storage solutions company which is working toward the reduction and eventual elimination of fossil fuels within the marine and industrial sectors.
The investment aligns with Yinson Green Technologies’ (YGT) strategy of investing in marine electrification, and its aim to achieve carbon neutrality by 2030 and become net zero by 2050.
YGT and SPBES have also announced that they have entered a binding Memorandum of Understanding (MoU) to form a joint venture for the acceleration and rollout of the Canadian company’s ESS in a number of Southeast Asian countries, with other countries to follow.
“We believe that SPBES is equipped with high standards in marine energy storage system capabilities, including advanced technology and outstanding safety features,” commented Eirik Barclay, executive vice president, new ventures and technology, Yinson. “Yinson is excited to support the expansion of this clean energy solution in the region.”
“Energy storage is key to the decarbonization for the transport industry,” added Daniel Bong, chief strategy officer, Yinson Group. “This collaboration with SPBES aligns strategically with Yinson’s targeted approach for growing our green technologies business, where we leverage our existing strengths and focus on the geomarkets where we are currently active.”
The companies previously collaborated on the development of a fully electric passenger craft (called the Hydroglyder) with swappable batteries.
“Our mutual commitment to working toward zero emissions promises great things ahead as we build energy solutions for the maritime and other industries. Together we will build a new business model for a cleaner world,” said Brent Perry, CEO, SPBES.