Yinson GreenTech and Saxon Renewables signed an agreement to develop carbon credits from electric vehicle charging activities. (Photo: Yinson GreenTech)
Malaysian electric mobility company Yinson GreenTech has signed an agreement with Saxon Renewables to participate in EVolve, a carbon credit programme that aims to generate verified carbon credits from eligible electric vehicle (EV) charging activities.
Announced on November 3, the partnership will bring eligible EV charging infrastructure operated by Yinson GreenTech into EVolve, which was registered under Verra's Verified Carbon Standard (VCS Project ID 5416) in November 2025.
EV charging infrastructure linked to carbon credits
EVolve allows multiple eligible EV charging facilities to be included under a single carbon project, subject to monitoring and independent verification requirements.
Under the agreement, Yinson GreenTech and Saxon Renewables will work to identify eligible charging infrastructure, strengthen data collection and monitoring systems, and prepare for carbon credit verification and issuance.
Kelvin Soon, Managing Director of EV Charging and Leasing at Yinson GreenTech, said the company aims to use the programme to support further investment in EV charging networks and fleet electrification.
The partnership also seeks to explore the programme's application across Yinson GreenTech's wider electric mobility operations.
Saxon Renewables will provide carbon project development expertise, while Yinson GreenTech will contribute operational data from its EV charging network.
Reik Ong, Managing Director at Saxon Renewables, said the programme aims to convert emissions reductions associated with EV charging into carbon credits that could help finance further infrastructure investment.
Yinson expands carbon market activities
The partnership marks the first technology-based carbon project under Yinson's Carbon Project Framework, which guides the company's selection of carbon projects and partners.
Yinson GreenTech operates EV charging infrastructure through its chargEV business, electric fleet services through drivEV, and electric vessels through marinEV.
The company is part of Yinson Holdings Berhad, a Malaysian energy infrastructure group with operations in offshore energy, renewable energy and green technologies.
Although EVolve has been registered under Verra's VCS, carbon credit issuance remains subject to applicable monitoring, validation and verification requirements. The companies did not disclose the expected volume of credits, issuance timeline or potential revenue from the project.
