KUALA LUMPUR: Yinson GreenTech (YGT) has increased its stake in marine industry energy storage solution (ESS) provider Shift Clean Solutions through the acquisition of all outstanding shares from TTB Holding, held by Shift's founders Brent Perry and Paul Hughes.
Following the acquisition, YGT will become the single largest shareholder of Shift with the remaining shares being held by Shapoorji Pallonji and Delsys FZCO.
This is expected to further drive innovation and commercialisation of Shift's battery storage technology, accelerating Shift's ongoing expansion into new markets and geographies, while also solidifying YGT's commitment to driving decarbonisation efforts across the industry.
YGT chief executive officer Eirik Barclay said Shift will continue to be a pioneer and leader in the marine battery space, demonstrating leading technology with outstanding safety features.
"As battery solutions are core to marine electrification, YGT is taking active steps to increase our capabilities in this area," he said in a statement.
Shift chief executive officer Gary Doyle said the increased support from YGT arising from the acquisition positions the company more strongly to deliver on current and future projects.
Meanwhile, Hughes said Shift is well positioned to be a big winner within the marine electrification sector and YGT's new investment comes at an important inflection point for Shift and the marine industry as the pace of adoption of energy storage reaches new heights.
YGT first collaborated with Shift in early 2021 on the electric passenger craft Hydroglyder, followed by the electric cargo harbour craft Hydromover later that year.
In October 2021, YGT made an initial investment in Shift, and since then both parties have been collaboratively working to accelerate the large-scale rollout of Shift solutions in selected regions.
