Meta Bright forms JV with ChargeHere to accelerate EV charging expansion across Malaysia
This JV aims to significantly expand the group's footprint in Malaysia's rapidly growing EV charging infrastructure market.
Under this JV, both parties have agreed to incorporate a new joint venture company – Meta Bright Chargesini Sdn Bhd, dedicated to developing, installing, and operating EV charging infrastructure across Malaysia, focusing on malls, hotels, residential, and commercial areas.
Meta Bright Energy will hold a 51% controlling stake, while ChargeHere will hold the remaining 49%.
Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim said this strategic joint venture with ChargeHere significantly expands the company's capabilities within the renewable energy sector, particularly in EV infrastructure.
'It represents an essential milestone for Meta Bright, aligning closely with our ESG goals and strategic focus on creating sustainable, recurring revenue streams,' he said in a statement.
ChargeHere, operating under the ChargeSini brand, currently manages Malaysia's largest network of EV charging points with 935 charging stations across 300 locations, serving over 32,000 active users.
This collaboration enables Meta Bright to leverage ChargeHere's established technical capabilities and operational experience to advance the Group's presence in the growing EV infrastructure sector.
Through this initiative, Meta Bright aims to capitalise on the government's ambitious National Energy Transition Roadmap (NETR), which outlines the strategic expansion of renewable energy and sustainable infrastructure nationwide, including the establishment of 10,000 EV charging stations by 2025.
Both parties have immediately identified several urgent and approved projects to launch under this JV, with key locations in Johor, Penang, and Selangor.
Additionally, the partnership is already actively planning subsequent stages of expansion, with an extensive pipeline of upcoming projects that include notable sites across Kuala Lumpur, Pahang, and Melaka, among others.
These sites range from prominent hotels and commercial buildings to large residential condominiums, showing a significant scale of operations set to unfold in the near future.
'Our immediate and planned installations will substantially broaden our operational footprint in key urban areas, supporting national goals and meeting rising consumer demand for accessible EV charging solutions,' Phang added.
The joint venture with ChargeHere significantly enhances the group's renewable energy and energy efficiency portfolio, reinforcing its commitment to environmental sustainability and innovative energy solutions.
In addition to the joint venture announcement, Meta Bright also announced the disposal of its wholly-owned Australian subsidiary, Meta Bright Australia Pty Ltd (MBA), for RM25.37 million.
This decision comes as part of the group's broader risk management strategy to mitigate exposure to cross-border operational risks, including geopolitical uncertainties, foreign exchange volatility, and global economic conditions.
'The disposal of our Australian subsidiary allows us to redeploy resources towards our core operations in Malaysia, ensuring sustained long-term growth and shareholder value.
'The proceeds will also help us significantly mitigate the cross-border business amidst the current geopolitical environment, reduce our bank borrowings, and enhance our financial resilience,' Phang said.
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