Blueshark aims to have over 50 battery swapping stations nationwide by mid-2026 in tie-up with Petronas

The Sun

14-07-2025

SHAH ALAM: Blueshark Ecosystem Sdn Bhd, in partnership with Petronas Dagangan Bhd, aims to expand its network of battery swap stations from 20 to more than 50 nationwide by the middle of next year, in a push to accelerate electric vehicle (EV) adoption in Malaysia.
Each battery swap station costs about RM50,000, with expenses shared between Blueshark and Petroliam Nasional Bhd (Petronas), Blueshark CEO Jeff Chong told SunBiz in an interview.
A joint venture agreement was signed on May 9, aimed at accelerating the adoption of electric two-wheelers in Malaysia. Blueshark holds a 51% stake and Petronas Dagangan the remaining 49% in the joint venture.
Chong said the planned expansion is based on the expected uptake of Blueshark's e-bikes.
'We are very confident that this year we will see at least tenfold growth compared to last year,' he said, adding that this growth supports the targeted number of new stations.
'We don't want too many stations that end up underused. We need to ensure a good return on investment (ROI),' he added.
The rollout will initially focus on the Klang Valley, Johor and Penang.
'We will prioritise these three areas first because our bike population is concentrated in these cities,' Chong said.
He noted that the strategic partnership with Petronas enhances brand trust and broadens market reach.
'Petronas is one of the top five most cash-rich companies in Southeast Asia and a national brand in Malaysia.'
Chong said Petronas' network of more than 1,000 stations nationwide offers Blueshark wide coverage. 'Placing our battery swap stations at Petronas stations makes it much easier and more convenient for customers.'
Chong highlighted that many Petronas stations are already installing rooftop solar panels, which could eventually power the battery swap infrastructure. 'This would allow us to offer a fully clean energy, net-zero emissions solution.':
He pointed out that Petronas' strong business-to-business network would support Blueshark's growth in the commercial segment.
'We are also collaborating with Mesra to create a point system to benefit customers. There's a lot of synergy in working together,' he added.
Future plans include opening Blueshark showrooms at Petronas stations and launching joint promotions via Petronas and the Setel app.
Chong expressed hope that the upcoming national budget would continue to support two-wheeler EV adoption.
'The carbon emissions from two motorbikes are equivalent to those of one car. So, if the government supports two-wheelers, the ROI is better and emissions can be reduced more effectively,' he said.
The current RM2,400 subsidy for electric cars has minimal impact on middle- and high-income groups, he opined.
'For them, the amount is too small to make an impact. But if you apply a RM2,400 subsidy to e-bikes, you can help the B40 group and achieve better environmental outcomes with a relatively small investment.'
Chong cited data showing that motorcycles emit about 103 grams of carbon per passenger per kilometre, compared to 192 grams for cars.
'If the government wants to address this issue effectively, it should focus on bikes rather than cars. The ROI will be higher, especially considering Malaysia has almost 15 million bikes on the road,' he said.
Chong called for more green funding to support industry growth, noting that Malaysia's adoption of electric two-wheelers remains relatively low compared to countries like Thailand and Vietnam, where supportive policies and stronger demand have driven growth.
'Right now, there isn't much funding or support to grow this sector. The government should consider this,' he said.