Malaysian FPSO operator Yinson has invested in Canada-based Sterling PBES Energy Solutions (SPBES), an energy storage solution provider working to lower or eliminate dependence on fossil fuels in marine and industrial applications.
In addition to the investment, Yinson and SPBES have also inked a memorandum of understanding to form a joint venture to accelerate the large-scale rollout of clean and zero emission shipping energy storage solutions within selected countries in Southeast Asia and beyond.
Yinson executive vice president of New Ventures and Technology, Eirik Barclay, commented that the partnership would leverage Yinson’s strong presence in Southeast Asia to offer SPBES business solutions to the marine, port, and other industrial energy storage sectors, as well as to establish service and assembly hubs for energy storage and battery swap solutions.
Yinson and SPBES initially collaborated on the design development of Yinson’s fully electric passenger craft with swappable batteries. The two companies became part of the Goal Zero consortium led by Seatech Solutions International, which was awarded funding 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.
With a fleet of 7 offshore production assets, Yinson has grown to become one of the largest independent FPSO leasing companies but has also diversified into renewables in 2019. Its renewables footprint is rapidly expanding, positioning renewables as a major revenue stream for the group.