Computer Forms Malaysia Bhd (CFM) in a 50:50 Joint Venture (JV) with Energy Absolute Thailand Public Co Ltd will import 200 electric buses and the JV called Energy Absolute Malaysia is to also set up a manufacturing plant in Malaysia.
Energy Absolute Thailand is known for its renewable energy business and their foray into Malaysia is expected to not only be limited to buses but electric ferries and trains and turning airports into green cities.
The initial investment of the JV is around US$4 million or RM17.6 million and their factory is expected to be built either in Selangor, Negeri Sembilan or Melaka so that it is within close proximity of the Klang Valley.
According to sources, CFM, which started off as an information technology-based company, has decided to diversify into the Electric Vehicle (EV) sector as its core business has become competitive.
The JV will witness CFM and Energy Absolute planning to produce lithium ion batteries and investing in energy storage systems and charging stations to support the country’s EV ecosystem as part of the agreement signed.
The signing ceremony also seals the RM5 billion investment pledge to set up a Malaysian manufacturing plant by the JV company to handle EV and renewable energy projects using the core competencies of both companies.