Yinson GreenTech, a Malaysia-based electrification ecosystem, announced Monday that its electric vehicle (EV) charging business, chargEV, had received an investment from the country’s sovereign wealth fund Khazanah Nasional Berhad.

Yinson GreenTech said in a statement that Khazanah, through Dana Impak, is supporting the government of Malaysia’s efforts to spur and prepare Malaysia for EV adoption, by supporting chargEV, a firm seeded by Malaysian Green Technology and Climate Change Corporation (MGTC), an agency under the Ministry of Natural Resources and Environmental Sustainability (NRES).

This is in line with Malaysia’s transition towards a greener economy and its long-term vision for sustainable development, as outlined in the National Energy Transition Roadmap (NETR) to achieve net zero emissions target by 2050.

This will help chargEV to increase the number of charging stations nationwide to support the Ministry of Investment, Trade and Industry’s (MITI) commitment to install 10,000 EV
charging points.

“This partnership will further bolster our financial strength, allowing us to scale up our operations and reinforce our leadership in Malaysia’s green mobility journey,

“This investment arrives at an opportune time, as we are experiencing substantial business growth,” said Lim Chern Yuan, Chief Executive Officer of Yinson GreenTech.

According to him, as of December 2024, the firm’s pay-per-use revenue has increased fivefold, and its charging sessions have doubled compared to the same period in 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 added.

Meanwhile, Khazanah Managing Director Amirul Feisal Wan Zahir said the fund is keen in supporting chargEV to prepare and boost Malaysia’s electric vehicle charging infrastructure (EVCI) network.

“This investment is our commitment to facilitating the nation’s transition towards a low-carbon future and aligns with the Energy Transition pillar under Khazanah’s Malaysia
Strategy anchored on the ‘A Nation that Creates’ framework,

“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,” he added.

Saiful Adib Abdul Munaff, Acting Group Chief Executive Officer of MGTC, reiterated that this partnership and investment aim to further accelerate the expansion of EV charging infrastructure.

“At the start of 2025, we have 3,611 charging points nationwide. It is important to continue to increase this number, but it is also important to ensure that these chargers are deployed in the right areas and fully utilized,

“A good EV charging network is the backbone to support the transition towards EVs. We also encourage CPOs to explore innovative and unique ways to incorporate renewable energy as the main energy supply to further increase the sustainability of driving EVs,” he added.

Yinson GreenTech is a business of Yinson Holdings Berhad, a Malaysia-listed energy infrastructure and technology company.

Yinson GreenTech energizes the electric transition across diverse industries.

This is including chargEV (the charge point operator with an extensive EV-charging station network for public and private usage); marinEV (the developer of fully electric vessels for crew transfers and light cargo transfers); drivEV (the firm provides enterprises and businesses with electric fleet solutions); rydeEV (the firm electrifies the micro-mobility space with electric two-wheelers [E2Ws], including battery-swapping technology and fast charging solutions); digitalEV (the firm that enables software support and integration for sustainable technologies across Yinson GreenTech’s businesses).

Yinson GreenTech partners Zeabuz to advance electric marine vessel operations