Meta Bright collaborates with ChargeHere EV solution, eyeing expansion into EV charging infrastructure
This partnership underscores Meta Bright's commitment to expanding its energy-related businesses, specifically within the burgeoning EV infrastructure segment, in alignment with its environmental, social, and governance (ESG) goals.
The MoU sets the stage for both parties to evaluate commercial and strategic alignments jointly and to leverage their combined expertise in energy and EV solutions.
Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim said this MoU marks a significant step forward as the company diversifies into Malaysia's EV charging market, which is experiencing exponential growth.
'Partnering with ChargeHere, a recognised market leader with extensive operational reach, provides us with a solid foundation to establish significant recurring revenue streams potentially,' he said.
ChargeHere, operating under the ChargeSini brand, has a prominent market presence with 935 EV charging points across 300 stations nationwide.
Currently, 734 points are operational and approved by the Energy Commission Malaysia.
The company serves over 32,000 active users and notably has the largest footprint of EV charging stations in malls, hotels, and condominiums across Malaysia.
Malaysia's EV market has witnessed substantial momentum, driven by government incentives, sustainability initiatives, and increasing adoption of electric vehicles.
According to industry reports, the country aims to establish 10,000 EV charging stations by 2025, significantly upscaling the current infrastructure.
This proactive push positions the EV charging industry as one of Malaysia's fastest-growing sectors, presenting lucrative business opportunities for companies such as Meta Bright.
With this strategic collaboration, Meta Bright aims to capitalise on ChargeHere's extensive market presence and technical capabilities, ensuring effective entry into the EV charging space.
Successful implementation of EV charging infrastructure can provide stable, long-term recurring revenue through consistent electricity sales and associated services, reinforcing Meta Bright's revenue model.
'We believe our collaboration with ChargeHere will accelerate our ESG objectives and drive sustainable, long-term profitability.
'This partnership can potentially open multiple avenues for us, including technology sharing, project development, and market penetration within the EV infrastructure space,' Derek added.
Meta Bright and ChargeHere will jointly conduct preliminary assessments, exchange information, and identify potential projects to establish a concrete partnership structure.
This initiative represents Meta Bright's ongoing commitment to expanding its portfolio through strategic partnerships and innovative, sustainable business solutions.
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