CFM, Energy Absolute to Invest USD 1.05 Billion to Expand RE Products in Malaysia

October 2022

Malaysia-based Computer Forms (Malaysia) Bhd (CFM) and Thailand’s electric services provider, Energy Absolute Public Company Ltd will set up a joint-venture (JV) company to promote, manufacture and distribute renewable energy (RE) products in Malaysia. The partners will carry out several RE projects to expedite Malaysia’s energy conversion mandate in accordance with the Paris Agreement (COP21).

The main objective of the JV company is to take full advantage of business prospects in the production and distribution of electric vehicles (EVs), such as EV-buses, cars, trains, bikes, and boats, leveraging Energy Absolute’s experience and resources in Thailand. The company invests around MYR 5 billion (USD 1.05 billion)  for the partnership and other projects, including creating platforms for energy storage and charging and producing lithium-ion batteries.

In order to support the EV ecosystem, the JV firm will also launch plans to manufacture lithium-ion batteries and make investments in energy storage systems and charging stations. The two parties agreed to make investments in solar and wind renewable energy generating plants soon. In addition, Malaysia’s bus and coach supplier, Gemilang International signed a contract with CFM to buy 200 electric buses from the new JV firm.

(Sources: The Edge Markets; The Star Online)

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