Khazanah invests in ChargEV to increase the number of electric vehicle charging stations in Malaysia

Khazanah Nasional is investing an undisclosed sum in Yinson GreenTech’s ChargEV to increase to number of electric vehicle charging stations nationwide, Yinson GreenTech has announced.

Through its portfolio Dana Impak, Khazanah is investing in support of the target announced by the ministry of investment, trade and industry (MITI) to install 10,000 EV charging points nationwide by this year, towards Malaysia’s target of achieving net zero emissions by 2050, as laid out in the National Energy Transition Roadmap (NETR).

“We are honoured to receive Khazanah’s investment through Dana Impak. 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,” said Yinson GreenTech CEO Lim Chern Yuan in a statement.

The investment from Khazanah arrives as Yinson GreenTech saw a five-fold increase in pay-per-use revenue as of December 2024, and charging sessions have doubled compared to the same period in the previous year, Lim said.

According to Malaysian Green Technology and Climate Change Corporation (MGTC) acting group CEO Saiful Adib Abdul Munaff, there are 3,611 EV charging points in Malaysia as of the start of this year.

Of the aforementioned 10,000 EV charger target, Malaysia’s target is to have 1,500 DC chargers and 8,500 AC chargers by the end of this year, as outlined in the Low Carbon Mobility Blueprint (LCMB) 2021-2030 in 2021.

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