November 21, 2023

Yinson GreenTech (“YGT”) has increased its stake in leading marine industry energy storage solution (“ESS”) provider Shift Clean Solutions (“Shift”) through the acquisition of all outstanding shares from TTB Holding, held by Shift’s founders, Brent Perry and Paul Hughes.Following the acquisition, YGT will become the single largest shareholder of Shift with the remaining shares being held by Shapoorji Pallonji and Delsys FZCO.

This strategic acquisition will drive further innovation and commercialization of Shift’s battery storage technology and accelerate Shift’s ongoing expansion into new markets and geographies, solidifying YGT’s commitment to driving decarbonisation efforts across the industry.

YGT first collaborated with Shift in early 2021 on the electric passenger craft Hydroglyder,followed by the electric cargo harbour craft Hydromover later that year. In October 2021, YGT made an initial investment in Shift, and since then both parties have been collaboratively working to accelerate the large-scale rollout of Shift solutions in selected regions. YGT’scontinued investment in Shift is in line with its strategic plans to further strengthen its capabilities in energy storage solutions, towards creating a holistic ecosystem of green transportation across land and sea.

YGT Chief Executive Officer Mr Eirik Barclay said, “Shift will continue to be a pioneer and leader in the marine battery space, demonstrating leading technology with outstanding safety features. As battery solutions are core to marine electrification, YGT is taking active steps to increase our capabilities in this area. We thank Brent and Paul for their significant contribution to this sector and look forward to continuing their groundbreaking work even as they move on to new ventures.”

Shift Chief Executive Officer Gary Doyle said, “We, at Shift, are indeed excited, as the increased support from YGT arising from this acquisition positions us more strongly than everto deliver on current and future projects. Sincere appreciation to Shift’s founders for their leading-edge work in the marine electrification space, and we wish them every success asthey move on from Shift.”

“We are incredibly proud of the team within Shift that has assisted Brent and I in building the business over the last 8 years. Shift is well positioned to be a big winner within the marine electrification sector and YGT’s new investment comes at an important inflection point forShift and the marine industry as the pace of adoption of energy storage reaches new heights,”said Paul Hughes, Co-founder of Shift.

“As one of the initial founders of the marine energy storage industry back in 2009, I am veryproud to see the skills and resources that YGT has at its disposal being focused on the growthof Shift. The path ahead for both Shift and TTB is an exciting one with TTB now moving to thenext phase of its business which is focused on developing and owning energy storage projectsglobally,” said Brent Perry, Co-founder of Shift.

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