Major alliance in Malaysia in HOA to electric develop mass transportation
EA Mobility Holding, a subsidiary of Energy Absolute (EA), collaborated with Computer Forms (Malaysia) Berhad (CFM) to sign a Head of Agreement (HOA) for developing Malaysia to become a zero carbon emission society and improve the quality of life for Malaysians. The agreement involves implementing electric transportation within urban areas, thereby reducing greenhouse gas emissions.
The HOA was signed 26 September 2022 by Datuk Wira Justin Lim Hwa Tat Board of directors, Computer Forms (Malaysia) Berhad (CFM), and Mr Somphote Ahunai Chief Executive Officer, Energy Absolute. The agreement establishes a joint venture to invest in electric vehicles business and ecosystem in Malaysia.
Malaysia has a policy to reduce consumption of fossil fuels and increase use of electric vehicles by up to 37% within 2022-2040. Malaysia responded to COP26 with a national policy to become a zero carbon emission society. Hence the joint venture to develop a fully electric transportation system. CFM is interested in the performance and potential of Energy Absolute and is a leader in clean energy business and electric vehicles in Thailand, including developing a variety of products with zero carbon emissions. Business lines include developing and producing batteries, producing electric vehicles such as electric buses and electric ferries, and providing charging stations with ultra-fast charge technology that charges batteries to 80% within 15-20 minutes.
Mr Somphote Ahunai CEO, Energy Absolute said: “It is a great honour to establish this JV with CFM to develop mass transportation. It marks a significant moment for EA when its ultra-fast charging technology is accepted as developed and produced in Thailand. Expanding the business to Malaysia establishes the JV to develop products that expand the market in Asia Pacific and globally.”
In the first phase, CFM will support the joint venture to explore the electric vehicle and electric charge station markets in Malaysia. An HOA has been signed to provide 200 buses to Gemilang International Limited (GML) and install ultra-fast charging stations. Because charging is quick, the system is suitable for mass transportation applications.
The second phase involves expanding the transportation market in Malaysia through EA’s products, including electric buses, electric ferries and electric trucks while also establishing a factory to produce various related products in Malaysia.
The collaboration is therefore beneficial to both parties and improves mass transportation in urban areas by reducing pollution and greenhouse gas emissions. The joint venture between EMH and CFM is a great opportunity to improve electric mass transportation through international collaboration, encourages consumption of clean energy, and sets up a significant production base for electric vehicles.