Yinson Seeks to Accelerate Marine Batteries Through Investment in PBES
To support the development of marine electrification and accelerate the rollout of marine battery solutions in Southeast Asia, Singapore’s Yinson Holdings Berhard announced that it invested in Canada-based energy storage solutions. The companies said the new agreements build upon their previous business relationships and believe that they can play an increasing role in working to lower or eliminate dependence on fossil fuels in marine and industrial applications.
In addition to the investment in Sterling PBES, Yinson has also entered into a binding Memorandum of Understanding with the intention to form a joint venture collaboration. The companies plan to work together to accelerate the large-scale rollout of SPBES’ solutions within selected countries in Southeast Asia and beyond.
Yinson Executive Vice President New Ventures and Technology, Eirik Barclay commented that the partnership would leverage on Yinson’s strong presence in Southeast Asia to offer SPBES business solutions to marine, port, and other industrial energy storage sectors, as well as to establish service and assembly hubs for energy storage and battery swap solutions.
“We believe that SPBES is equipped with high standards in marine energy storage system capabilities, including advanced technology and outstanding safety features. As a pioneer in this space, SPBES is uniquely positioned to take advantage of the marine decarbonization initiatives taking place globally. Yinson is excited to support the expansion of this clean energy solution in the region,” said Barclay, adding that the partnership also aims to extend the technology to the non-maritime sectors which are centric to YGT’s electrification of mobility strategy.
The two companies previously collaborated on the design development of Hydroglyder, Yinson’s fully electric passenger craft with swappable batteries. They also became part of the Goal Zero consortium led by Seatech Solutions International, which was awarded funding by the Maritime and Port Authority of Singapore and Singapore Maritime Institute in August 2021 to provide a fully electric harbor craft solution for the Port of Singapore.
Yinson Group Chief Strategy Officer, Daniel Bong highlighted that Yinson and SPBES share the same goal of delivering zero-emission solutions towards achieving a globally integrated, technologically advanced clean logistics ecosystem.