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Yinson Invests In Storage Solutions

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Malaysian floater specialist Yinson has invested in Canadian-based energy storage solution provider Sterling PBES Energy Solutions (SPBES).

In addition to making an investment in the Canadian company, Yinson confirmed it also inked a memorandum of understanding with SPBES to form a joint a venture to accelerate the large-scale rollout of clean and zero emission shipping energy storage solutions in South-East Asia “and beyond”.

Yinson noted the investment in SPBES aligned with its strategy of investing in the marine electrification area, as it targets carbon neutrality by 2030.

“We believe that SPBES is equipped with high standards in marine energy storage system capabilities, including advanced technology and outstanding safety features,” said Eirik Barclay, vice president of Yinson’s New Ventures and Technology business.

“As a pioneer in this space, SPBES is uniquely positioned to take advantage of the marine decarbonisation initiatives taking place globally. Yinson is excited to support the expansion of this clean energy solution in the region.”

He added the companies were also looking to utilize their partnership to extend the technology to non-maritime sectors.

SPBES chief executive Brent Perry added his company was “thrilled” to have Yinson onboard as a cornerstone investor.

“Our company has big plans to play a leading role in global clean energy solutions, and Yinson is an excellent partner for our goals,” he said.

“Our mutual commitment to working toward zero emissions promises great things ahead as we build energy solutions for the maritime and other industries.”

Yinson already had an existing relationship with SPBES prior to its investment, collaborating with the Canadian company on the design a development of its Hydroglyder – Yinson’s fully electric passenger craft with swappable batteries.

The pair are also involved in the Seatech Solutions International-led Goal Zero consortium, which was awarded funding earlier this year by the Maritime and Port Authority of Singapore and Singapore Maritime Institute to provide a fully electric harbour craft solution for the Port of Singapore.

Yinson has a long history in the oil and gas industry, first venturing to offshore production in 2011 via a joint venture with PetroVietnam subsidiary PetroVietnam Technical Services Corporation.

It then transformed into a full-scale execution and service provider for floating production, storage and offloading vessels in 2014 with the acquisition of Norway’s Fred Olsen Production, with the company now claiming to be one of the world’s largest independent FPSO leasing companies.

The company turned its attention to renewables in 2019 and established its Green Technologies Division the following year, which focuses on accelerating the energy transition through the investment in green technologies. The company already owns stakes in several solar projects in India and claims to be “rapidly expanding” its renewables footprint globally.

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