Monday 22 Apr 2024
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KUALA LUMPUR (April 20): Yinson Holdings Bhd has launched its green technologies division, marking its foray into technology sectors that drive the global transition to a net carbon-zero future.

In a statement today, Yinson said the division was launched at the Singapore Maritime Technology Conference (SMTC) 2021 today.

Green technologies is Yinson’s newest business division, established in September 2020 to sit alongside the offshore production, renewables and offshore marine divisions.

During the SMTC event, Yinson showcased a concept model of the Hydroglyder, a harbour craft equipped with advanced hydrofoil technology, enabling the craft to fly above water, greatly reducing water resistance and thereby increasing energy efficiency.

Yinson said the all-electric Hydroglyder represents the most economical and environment-friendly option for light harbour crafts.

The energy infrastructure and technology company said simulations show that the Hydroglyder can reduce energy costs by up to 90% while achieving cruising speeds of 25 knots and provide superior comfort for the passengers.

It said the hydrofoil technology used by the Hydroglyder is developed by Lift Ocean AS, a Norwegian start-up tech company in which Yinson has invested.

Yinson group executive vice president, new ventures and technology, Eirik Barclay said Yinson is working with local suppliers and partners to build a strong ecosystem for such technologies and operations in Singapore.

“Our green technologies division is headquartered in Singapore — home to the second busiest port in the world.

“As a socially responsible business, our primary focus lies in driving decarbonisation efforts within the region’s maritime segment,” said Barclay.

He added that the team is also investing in clean energy initiatives within the transport and energy business segments.

Meanwhile, Yinson group chief executive officer Lim Chern Yuan said the establishment of the green technologies division is in line with the group’s commitment to reducing carbon emissions, improving climate resilience, and accelerating the global transition to a low carbon economy.

“With green technologies now complementing our other three business divisions, we believe that we can unlock greater synergies that can strengthen the sustainability of our businesses and enhance value for our stakeholders,” he said.

He added that the move is also in line with the group’s commitments to the UN Sustainable Development Goals and targets to be carbon neutral by 2030 and net zero by 2050.

At the market close today, Yinson shares were unchanged at RM5.27, valuing it at RM5.79 billion.

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