Khazanah Invests Undisclosed Amount in Yinson GreenTech’s chargEV

Khazanah Nasional Bhd has made an undisclosed investment in Yinson GreenTech’s EV charging business, chargEV.

Khazanah Nasional Bhd has made an investment in Yinson GreenTech’s EV charging business, chargEV. The undisclosed investment was made through Khazanah’s Dana Impak portfolio, allowing Yinson to scale up their EV charging business operations in the near future.

Commenting on this recent investment by the nation’s sovereign wealth fund, Yinson GreenTech CEO said that the investment arrived at an opportune time as the company is experiencing substantial business growth.

"As of December 2024, our pay-per-use revenue has increased fivefold, and our charging sessions have doubled compared to the same period in the previous year.

"We look forward to further enhancing the country’s EV ecosystem to meet the rapidly growing demand for reliable, convenient, and seamless charging experiences across Malaysia," he said in an official statement.

Meanwhile, Khazanah’s managing director, Datuk Amirul Feisal Wan Zahir, said the investment reflects Khazanah's commitment to advancing the country's transition to a low-carbon future.

"We are pleased to support chargEV to prepare and boost Malaysia's electric vehicle charging infrastructure (EVCI) network.

"As Malaysia's electric vehicle ecosystem is still in its infancy, our involvement is aimed at nurturing its growth. We hope it will also inspire other investors to join the effort, creating a collaborative approach to building a comprehensive and reliable EV infrastructure across the nation," the Khazanah MD said.

For those who aren’t familiar with chargEV, Yinson’s EV charging subsidiary is seeded by the Malaysian Green Technology and Climate Change Corporation (MGTC), an agency under the Ministry of Natural Resources and Environmental Sustainability.

According to the statement, the investment will enable chargEV to increase the number of charging stations nationwide, supporting the Ministry of Investment, Trade and Industry's (MITI) goal of installing 10,000 EV charging points.