KUALA LUMPUR: Proton New Energy Technology Sdn Bhd (Pro-Net) has secured RM200 million in funding from CIMB Bank Bhd to support its green mobility initiative.
The financing will support the importation and distribution of smart #1 electric vehicles (EVs) in Malaysia.
"The company will also be in charge with fulfilling national carmaker Proton Holdings Bhd's commitment to its EV agenda and is set to play a pivotal role as it leads the transition towards the production of New Energy Vehicles (NEV) and the development of the Automotive High Tech Valley (AHTV) in Tanjong Malim," it said.
Pro-Net board member Roslan Abdullah highlighted CIMB's acknowledgment of market prospects and their proactive stance in backing the expansion endeavours, reflecting the type of partnership the company highly esteems.
"This (the financial support) not only accelerates our growth but also reinforces customer confidence and facilitates the transition toward increased adoption of electric vehicles," he added.
Roslan said Pro-Net will use the fund to improve its digital ecosystem and supply chain within EV infrastructure, as well as to broaden its network to ensure a smooth retail experience.
"This will facilitate the rising demand for electric vehicles, aligning with Malaysia's carbon neutrality objective," he further added.
CIMB Group co-chief executive officer of group wholesale banking Novan Amirudin said the deal highlights the bank's dedication to assisting clients across various sectors in advancing their environmental, social and governance (ESG) objectives, thereby promoting positive outcomes through sustainable financial solutions.
Pro-Net holds the exclusive authorisation for importing and distributing smart vehicles in Malaysia and Thailand.
The smart #1, the company's inaugural model, is developed on Geely's sustainable electric architecture (and designed by Mercedes-Benz.