Keppel Infrastructure (KI), through its wholly-owned subsidiary Keppel Volt Pte Ltd (Keppel Volt), and Wanbang Digital Energy Pte Ltd (StarCharge), have inked a non-binding Memorandum of Understanding (MOU) to explore investing in, developing, owning and operating electric vehicle (EV) charging infrastructure in Singapore through a joint venture to be established, as well as pursue other EV-related opportunities in Singapore and selected markets in the Asia Pacific region.
The JV will offer innovative end-to-end integrated EV charging solutions, from electricity production, charge point hardware design and deployment, software platform development, to expertise in operations and maintenance. The collaboration will bring together KI’s capabilities as a developer and operator of large-scale sustainable infrastructure projects, and its experience as a leading Open Electricity Market retailer through Keppel Electric, and StarCharge’s expertise in manufacturing and deploying EV charging infrastructure, as well as developing and managing front and back-end software platforms.
The transition towards EV adoption is at a tipping point, sparked by stringent emission regulations, price reductions in EV powertrains and advancements in battery technology. The expected strong growth in global EV sales will pave the way for an upsurge in demand for EV charging infrastructure required to support vehicle electrification. The Singapore Government has committed to phase out internal combustion engine vehicles by 2040, and intends to strengthen national sustainability efforts under its Singapore Green Plan 2030 with initiatives such as requiring all new car registrations to be cleaner-energy models by 2030, and more than doubling the targeted number of EV charging points in public carparks and private premises by 2030, from 28,000 to 60,000.
Ms Cindy Lim, Chief Executive Officer, KI, said, “There is a strong market for EV-related opportunities, as the world moves to reduce carbon emissions and adopt cleaner transport options. As an integrated energy player with strong track record in development, execution and operations, and as one of the leading Open Electricity Market retailers in Singapore, KI is well-placed to capture such opportunities brought about by the global energy transition and decarbonisation efforts. Moving into the transport electrification business is a natural step for us to tap on our capabilities and an opportunity to carve out a new complementary business segment. This is also in line with the Keppel Group’s Vision 2030 which envisions us providing solutions for sustainable urbanisation.”
Ms Echo Shao, Founder and Chairman, Wanbang Digital Energy Co. (parent company of StarCharge), said, “We are pleased to partner KI to pursue EV charging infrastructure opportunities in Singapore and selected markets in the Asia Pacific region. We are bullish about the outlook for EV adoption globally, especially in the Asia Pacific region, and therefore believe there will be tremendous opportunities for the deployment of supporting charging infrastructure. As one of the largest players in China in the EV charging infrastructure space, with deep capabilities across the entire value chain including design, manufacturing, and software platform development, we believe we can bring along our expertise from serving the Chinese market to develop cost competitive and user-friendly solutions in the global markets we venture into. Wanbang constantly strives towards our mission of promoting the electrification of vehicular transportation and positioning ourselves as a leader for the digitalisation of global energy. We are firmly committed to provide a cleaner and better life for all, connecting the world and uniting people’s hearts.”
Keppel had earlier announced its Vision 2030, which places sustainability firmly at the core of its strategy, and sees the Group as an integrated business providing solutions for sustainable urbanisation that are good for the planet, for people and for the Company. Beyond running its business in a sustainable and environmentally responsible manner, Keppel is also making sustainability its business, by providing solutions that help businesses and communities become more sustainable, and contributing to a cleaner and greener world.