- High expectations for synergy between SK’s technological expertise in hydrogen, fuel cells and EV charging with Gentari’s focus on renewables, hydrogen and green mobility
- SK further accelerates advances into the green market in Southeast Asia after an investment into a Malaysian environmental company by SK ecoplant
SK Group is partnering with Gentari Sdn Bhd (Gentari), a clean energy solutions entity founded by Malaysian energy company PETRONAS, for clean energy business opportunities. SK Group is stepping up its efforts to make inroads into the green industries in Southeast Asia, following its recent equity investments made into green companies in countries including Vietnam and Singapore.
SK has announced on Sep 5, 2022 that three of its companies, SK Materials Inc., SK Ecoplant and SK Signet, have signed a memorandum of understanding (MOU) with Gentari for a comprehensive cooperation in the clean energy sector.
SK and Gentari agreed to use the MOU as a stepping stone to identify joint project opportunities in the areas of hydrogen, fuel cells and EV charging, and further strengthen cooperation on multiple fronts.
The MOU between SK and Gentari is in line with Gentari’s business focus on cleaner energy solutions and efforts to capture opportunities in the energy transition. Gentari’s three initial core offerings provide customers with lower carbon solutions through renewables, hydrogen and green mobility.
The SK Group has put forward an ambitious goal to achieve ‘Net Zero’ before 2050 which is the global target for carbon neutrality and has been putting heightened focus on green businesses. In recent events including the CEO seminar last October and the ‘Trans-pacific Dialogue’ held in the US last December, Chey Tae-won, chairman of the SK Group announced that “The SK Group will contribute from our end by reducing 200 million tons of carbon emissions which is equivalent to 1% of the global carbon emissions reduction target (21 billion tons) set for 2030.”
SK is hoping to create major synergy effects through the partnership with Gentari by leveraging its technology and capabilities in areas such as hydrogen and the EV ecosystem. Meanwhile, under the umbrella of Malaysian energy company PETRONAS, Gentari will be able to utilise production and distribution infrastructure as a solid basis to set up business models in areas such as the production and distribution of hydrogen, as well as development of EV charging and battery solutions in Malaysia.
An official from the SK Group said, ”This MOU has significance as it is signaling that SK is going beyond just making investments, and expanding our presence in green business opportunities in the Southeast Asian market which is a key region for strategic global partnership.”
Lee Yong-wook, president of SK materials Inc. said “Cooperation in clean green business opportunities by SK and Gentari is indeed a significant step forward by both companies to jointly respond to the climate crisis confronting the global community. We will work together to strike the right balance for the technologies and capabilities of our companies and cooperate closely to secure green technology for the future.”
Representing Gentari, M Shahrizal B Yang Razalli, Head of Clean Energy Solutions Transition, PETRONAS added, “In line with our purpose to ‘solve the world’s most pressing sustainable energy needs, to change how we live today and help to secure our future’, Gentari is committed to helping our global customers make the important journey towards net zero. To do this, we believe that partnerships are necessary as we discover and develop clean energy solutions that can enable pragmatic action today. Collaborating and innovating with partners such as SK Group helps Gentari explore emerging energy technologies, grow faster to meet existing demands, and unlock greater value.”