Malaysian sovereign wealth fund Khazanah Nasional Berhad has invested in Yinson GreenTech’s electric vehicle (EV) charging business, chargEV, according to a statement.
The investment was made through Khazanah’s 6-billion-ringgit ($1.36-billion) Dana Impak programme.
chargEV is seeded by Malaysian Green Technology and Climate Change Corporation (MGTC), an agency under the Ministry of Natural Resources and Environmental Sustainability. MGTC’s acting group CEO, En Saiful Adib Abdul Munaff, revealed that the company had over 3,600 charging points nationwide at the start of 2025.
The capital injection by Khazanah will help chargEV increase its charging stations to support the local government’s commitment to install 10,000 EV charging points.
Lim Chern Yuan, CEO of Yinson GreenTech, claimed that as of December 2024, the company’s pay-per-use revenue had increased fivefold, and charging sessions had doubled compared to the same period in the previous year.
“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,” said Khazanah managing director Amirul Feisal Wan Zahir.
“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.
Yinson GreenTech has four other businesses, including electric vessel maker marinEV; driEV – an electric fleet solutions provider for enterprises; electric two-wheelers unit rydeEV; and digitalEV which provides software support across Yinson GreenTech.
Yinson GreenTech is part of energy infrastructure group Yinson Holdings. Earlier this year, Yinson Holdings’s vessel business Yinson Production raised a $1-billion pre-IPO investment from the Abu Dhabi Investment Authority, British Columbia Investment Management, and RRJ Group.
In addition to direct investment, Khazanah’s Dana Impak initiative also launched Jelawang Capital, its 1-billion-ringgit National Fund-of-Funds.
Jelawang Capital is calling for general partners to participate in its two programmes. First is the Emerging Fund Managers’ Programme, which seeks to invest in Malaysian venture capital fund managers. Meanwhile, the Regional Fund Managers’ Initiative aims to attract international fund managers who are committed to the Malaysian market.
