Malaysian clean energy solutions provider Gentari Sdn Bhd has partnered local bank CIMB Group Holdings Berhad to drive green mobility and value chain decarbonization across ASEAN.

Gentari said in a statement on Monday that the firm via its subsidiary Gentari Green Mobility Sdn Bhd have entered into a strategic memorandum of understanding (MoU) with CIMB for the partnership.

Through this collaboration, CIMB and Gentari will offer a range of value-added services to encourage the adoption of electric vehicles (EV) in Malaysia.

In addition, CIMB will deliver targeted financing solutions to Gentari’s customers, facilitating their decarbonization efforts and fostering low carbon practices within the sector, supporting national and regional climate ambitions.

“CIMB is pleased to be partnering with Gentari in driving green mobility solutions and value chain decarbonization as part of our shared commitment to a just transition in the region,” said Gurdip Singh Sidhu, Chief Executive Officer of CIMB Malaysia and CIMB Bank Berhad.

According to him, this partnership signifies a major milestone in CIMB’s broader commitment to achieving Net Zero by 2050, while emphasizing the firm’s dedication to environmental stewardship at all levels, which include empowering individual customers to make greener choices and supporting small and medium-sized enterprises (SMEs) in their decarbonization efforts.

“With CIMB’s strong foundation in sustainable finance, we believe we can offer solutions that not only drive the clean energy transition but also create real, measurable impact,

“Together, we will work towards practical and scalable initiatives that help tackle climate challenges, while supporting national and regional sustainability agendas,” he added.

According to the statement, Gentari operates the largest licensed direct current (DC) charging network in Malaysia, with over 175 DC charging points (CPs) out of close to 1,000 charging points across Malaysia, Thailand, and India.

Additionally, it has deployed over 3,600 electric vehicles (EVs) through its Vehicle-as-a-Service (VaaS) offerings across the region.

Through the Gentari Go app, users can access a network of over 5,000 roaming chargers across the region via partnerships with various charging point operators.

“This collaboration with CIMB is a significant step towards Gentari’s goal of becoming a leading green mobility partner in Asia Pacific, enabling us to expand our network of stakeholders to make EV adoption more affordable and accessible,

“At the same time, CIMB’s targeted financing solutions not only enable Gentari’s partners to implement decarbonization measures at scale but are also an opportunity for businesses to optimize their green energy ecosystem potential via the Gentari Go platform,” said Shah Yang Razalli, Deputy Chief Executive Officer of Gentari and Chief Executive Officer of Gentari Green Mobility.

According to the statement, CIMB will play a pivotal role in advancing sustainability adoption among SMEs within Gentari’s value chain, providing growth-oriented, green banking solutions that enable these businesses to scale faster, contributing to the national target of 10,000 public EV charging stations by 2030.

To further strengthen support across Gentari’s value chain, vendors will gain access to CIMB’s SMEBizReady value-based financing for capital expenditure, working capital as well as funding requirements for automation and digitalization initiatives.

In addition, they can leverage CIMB’s GreenBizReady™ program for capacity building, and gain access to complimentary tools and incentives such as sustainability-linked financing rebates of up to 0.5 percent.

CIMB said it is committed to providing clients with a broad range of sustainable finance solutions as guided by the group’s green, social, sustainable impact products and services (GSSIPS) framework, an internal taxonomy set by the group to deliver impactful sustainable finance.

Last year, the group tripled its sustainable finance target to MYR 100 ($22.27 billion) billion by 2024, a substantial increase from its MYR 30 billion ($6.68 billion) target previously announced in 2021.

To date, the group has surpassed its MYR 100 billion ($22.27 billion) target ahead of schedule.

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