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Yinson invests in Singapore’s Oyika to drive EV adoption in SE Asia

Yinson invests in Singapore’s Oyika to drive EV adoption in SE Asia

17 Jun 2021

Yinson, via its green tech division, believes in Oyika’s affordable, app-based solution and battery swap infrastructure

Yinson Holdings Bhd has invested in Singapore’s electric vehicle (EV) battery start-up Oyika Pte Ltd to accelerate electric mobility (e-mobility) adoption in South-East Asia.

Yinson, via its green technology division, believes in Oyika’s affordable, app-based solution and battery swap infrastructure to drive EV adoption in the region.

The goal is in line with the group’s net-zero carbon ambitions.

“South-East Asia is the world’s largest motorbike market, with motorbikes constituting up to 85% of vehicle population in countries such as Indonesia and Vietnam, the two largest motorbike markets in the region.

“And less than 0.1% of them are electric. Each internal combustion engine motorbike on the road replaced by an e-motorbike saves about one tonne of CO2 equivalent per year.

“Thus, a significant reduction in carbon emissions can be made through the introduction of such EV solutions,” Yinson group executive VP (ventures and technology) Eirik Barclay said in a statement yesterday.

The company highlighted that Oyika works with local e-motorbike manufacturers to adopt their brand-agnostic technology for local use.

Oyika’s swappable batteries work with most e-motorbike brands and models in South-East Asia.

Subscribers to its pay-per-use, prepaid weekly or postpaid monthly plan can swap depleted batteries for fully charged ones at an Oyika swap station within a minute.

Barclay said Yinson aims to create a pathway for e-mobility to become an integrated way of life, transitioning the current fossil fuel-reliant system into a clean and sustainable one.

Yinson group chief strategy officer Daniel Bong said the investment, together with the group’s recent investment into autonomous, driverless solution company MooVita Pte Ltd, presents the first step of its roadmap towards building an integrated green logistics solution.

“Yinson is investing into green technologies to help mitigate global climate issues.

“We believe that being early movers in future-proof technologies and capitalising strategic partnerships with the public and private sectors are important to continually bring sustained value to our stakeholders,” he said.

Meanwhile, Oyika CEO Jinsi Lee said the company would leverage Yinson’s resources and global network to bring affordable EV solutions to developing countries.

“We look forward to rolling out Oyika’s subscription plans for EVs, to not only reduce the cost for riders, but more importantly, contribute towards mitigating climate change,” he said.

Oyika could further develop its technology and strengthen its market position in South-East Asia with Yinson’s support, network and experience in logistics and energy solutions.

Oyika’s core strength in technology development also synergises with Yinson’s green technology investment plans in Malaysia.

Oyika has rolled out its e-motorbikes in Cambodia and Indonesia, with plans to launch in Malaysia, Thailand and Vietnam.

Source: The Malaysian Reserve

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