General Electric (GE), a diversified infrastructure and finance company providing global solutions for cleaner and more efficient sources of energy, signed an agreement with EV World, a collaborative R&D centre of excellence for electric vehicles ("EV"), to explore technology, product and soft infrastructure development for commercial EVs in Malaysia and Singapore.
KUALA LUMPUR, MALAYSIA -- October 11, 2012 -- General Electric ("GE") and EV World Pte Ltd ("EV World") announced an agreement to collaborate on technology development and strategic initiatives to support the roll out of electric vehicles ("EV") in Malaysia and Singapore. The announcement was made in conjunction with the 3rd annual International Greentech & Eco Products Exhibition & Conference Malaysia 2012 ("IGEM") held at the Kuala Lumpur Convention Center.
A Memorandum of Understanding ("MoU") was signed by Azli Mohamed, Director of Growth Initiatives - Malaysia, GE ASEAN and David Chou, Managing Director of EV World, under which both companies will collaborate on developing EV technology for commercial application and deployment in Malaysia and Singapore.
Recognizing the potential of EVs in revolutionizing transportation, GE has been working with both public and private sector organizations on developing the blueprint for an EV Infrastructure Framework in Malaysia. GE's collaboration with EV World, a collaborative research and development ("R&D") centre of excellence for EV technology, will allow both parties to work hand-in-hand to bring to market commercial applications for EVs to Malaysia and Singapore.
Azli Mohamed said, "On behalf of GE, we would like to express our delight to have EV World on board as a partner to our efforts in supporting the national agenda of developing an EV Infrastructure Framework. We are confident that our consistent efforts in EV deployment will contribute towards the Government's aim of developing Malaysia into a green technology hub."
David Chou said, "EV World is well positioned to support GE in employing clean technology solutions to jointly build on the commercial application of EVs. We look forward to working closely with GE by offering our expertise in green research and EV technology development. Our platform combines research and development with commercial EV deployment, allowing for both horizontal and vertical integration."
The collaboration between GE and EV World in Malaysia and Singapore is aligned with the goal of the ASEAN Economic Community to integrate industries across the region to promote regional sourcing and enhance private sector involvement.
An EV Pavilion was organized by Malaysian Green Technology Corporation and the Malaysia Electric Vehicle Association (MEVA) at the IGEM 2012, to highlight the readiness of the industry to embark on a large scale roll-out of EVs. The pavilion brings together key EV industry players to showcase breakthrough EV technology such as GE's EV charging station, Durastation as well as the Renault Kangoo Van, a diesel-powered van that was converted by EV World to an electric plug-in. MEVA is an organization which aims to grow the EV industry in Malaysia by unifying and strengthening public-private partnerships in realizing Malaysia' vision to become a green technology hub.
GE's participation in the EV Pavilion at IGEM 2012 and MEVA is an extension of the company's existing collaboration with Malaysian Green Technology Corporation, which was announced during IGEM 2011. The collaboration seeks to raise public and government awareness around an EV framework, and will aid in bringing the nation closer to developing a blueprint for an EV Infrastructure Framework.
GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE is driving a global energy transformation with a focus on innovation and R&D investment to accelerate the development and deployment of clean energy technology. Since its inception in 2005, more than 90 ecomagination-approved products have been brought to market with revenues reaching $18 billion in 2009. With $5 billion invested in R&D its first five years, GE committed to doubling its ecomagination investment and collaborate with partners to accelerate a new era of energy innovation. The company will invest $10 billion in R&D over five years and double operational energy efficiency while reducing greenhouse gas emissions and water consumption. As part of the initiative, GE launched "GE ecomagination Challenge: Powering the Grid", a $200 million financial commitment challenging innovators to join in building the next-generation power grid. For more information, visit the ecomagination website at http://www.ecomagination.com .
GE released its ecomagination 2010 annual report in June 2011, recording an investment of about $1.8 billion on research and development of clean technologies, which puts it on course to meet its goal of $10 billion cumulative investment between 2010 and 2015. The report also showed increased revenue from ecomagination products -- GE last year set an ambitious new goal of growing eco revenues at twice the rate of total company revenue in the next five years.
About EV World Pte Ltd
EV World Pte. Ltd is an electric vehicle technology integrator & clean technology company based in Singapore. The company established the evHUB - the first certified electric vehicle conversion facility in the region and has converted combustion vehicles to full electric vehicles which are the first to have been approved to operate on public roads in Singapore. evHUB is a collaborative R&D centre of excellence for electric vehicles (EV) and serves as a hotbed for innovative research on green sustainable transport solutions, consumer response, environmental impact, and electric vehicle technology. By conducting research and technology development and participating in relevant policy guidance to the state and institutions of higher learning, evHUB strives to help solve research questions and address commercialization issues for EVs.
The company's platform combines research and development with commercial product deployment, allowing for both horizontal and vertical integration of the supply chain across a wide range of emerging sustainable technologies. For more information, please visit: www.evhub.co
For more information, contact:
+603 2267 1892
EV World Pte Ltd
+65 6276 1929
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