Yinson invests in EV battery start-up Oyika


KUALA LUMPUR: Yinson Holdings Bhd‘s green technologies division has invested in Singapore start-up Oyika Pte Ltd to accelerate the adoption of electric vehicles (EV) in Southeast Asia.

Yinson group chief strategy officer Daniel Bong said the investment, together with its recent investment into autonomous driverless solution company MooVita represents the group’s first step 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 on strategic partnerships with the public and private sectors, is an important way to continually bring sustained value to our stakeholders,” he said in a statement.

Oyika is a provider of a battery swap service bundled with an electric motorbike, made available through affordable subscription plans.

The start-up works with local e-motorbike manufacturers to adapt their brand-agnostic technology for local use, resulting in swappable batteries that work with most e-motorbike brands and models in Southeast 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.

Oyika CEO Jinsi Lee said the company is glad to receive Yinson’s endorsement and to leverage on its resources and global network to bring affordable EB 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.

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