Computer Forms, Energy Absolute to boost local EV, RE industries

by AFIQ HANIF / pic AFIQ HANIF

MALAYSIA’S electric vehicle (EV) and renewable energy (RE) sectors gain a boost through a strategic partnership between Computer Forms (M) Bhd and Energy Absolute Public Co Ltd.

The cooperation between the two public-listed entities in launching a new partner company is expected to drive more EV and RE projects to meet Malaysia’s net-zero ambitions.

Computer Forms MD Datuk Justin Lim said the collaboration is the beginning of the partnership journey between Computer Forms with the internationally recognised Energy Absolute, which is among Asia’s best in the green energy and EV business and is known for innovating commercial EVs and battery-powered trains.

“This partnership will see Computer Forms and Energy Absolute incorporating a joint venture company to promote, manufacture and distribute renewable energy products in Malaysia based on Energy Absolute’s core capabilities and know-how,” Lim said at the signing ceremony between Computer Forms and Energy Absolute in Kuala Lumpur today.

Computer Forms’ vision and mission are to encourage Malaysia to gear toward the commercialisation and use of RE, consistent with the government’s green technology initiative and carbon-neutral goal.

“We view this partnership as a strategic growth opportunity for Computer Forms to venture into the commercial EVs and sustainable energy business, which is a niche industry segment in Malaysia,” Lim said.

He explained the company will be rolling out plans to produce lithium-ion batteries and investing in Energy Storage Systems and charging stations to support the EV ecosystem.

The new partner company will pledge to invest considerably in solar and wind renewable power plants in the near future.

These investments will be driven by new teams from both nations to integrate clean energy and mobility solutions to help Malaysian corporations decarbonise effectively.

Meanwhile, Deputy Minister of National Unity Wan Ahmad Fayhsal Wan Ahmad Kamal said, the joint partnership is a positive initiative by the private sector to capture new business opportunities announced at the 5th International Sustainable Energy Summit in August.

According to Wan Ahmad Fayhsal, geopolitical tensions, supply chain bottlenecks and rising inflation are putting new pressures on Asian markets to expedite and reshape the energy transition.

“With Malaysia’s quest to achieve net zero carbon emissions by 2050, we need foreign expertise in such collaborations to accelerate greening our vehicle and energy industries with innovative solutions,” he said.

Meanwhile, Fortune Business Insights expect the electric vehicle market size is expected to have a compound annual growth rate (CAGR) of 24.3% to reach a global market size worth US$1.32 trillion (RM6.06 trillion) by 2028.

Research analysts predict the global solar energy system market revenue is expected to grow by a CAGR of 20.1% to reach a value of US$255.3 billion in 2028, while the global wind energy market size is projected to grow by a CAGR of 9.3% from 2020-2027 to generate US$127.2 billion by 2027.