Published on November 1st, 2022 | by Subhash Nair0
ChargeSini Wants To Convert Your Car Park Into An EV Charging Bay
Can ChargeSini improve Malaysia’s EV charging infrastructure without using public funds?
One of the biggest problems with EV adoption is the sheer lack of EV charging locations. Of course, things are improving now, but Malaysia is still way behind on charging infrastructure still, especially when compared to our immediate neighbours. That may change with ChargeSini – a new company that aims to convert private parking lots into charging stations with almost no upfront cost.
ChargeSini’s website doesn’t explicitly give their pricing or cost structure. Their marketing materials are also a little vague as to how they’re going to go about the initial phase of installation. It looks like they’ll follow a ‘rent-to-own’ model, but we’re not sure exactly what the payment structure is like.
One sponsored post that came up on social media used the #lowcost hashtag, but then stated that ChargeSini would “invest EVERYTHING including hardware and software”. They also stated that there would be no maintenance fee. The owners of the parking space would be able reap pure profits ranging from RM64K to RM320K. This were their words, not ours.
We think that in principle, this is a pretty good idea. There are plenty of businesses – malls, parking lot operators, supermarkets, town councils and more that are severely undercharging for parking in the Klang Valley. Yes, some malls will charge RM10-RM30 per day for parking, but when compared to other major cities in the region, this is actually quite a reasonable fee for prime area parking. These Malaysian car park operators also know that they can’t risk hiking prices as Malaysians are extremely price sensitive. Converting these lots into charging stations solves the issue of making more money off prime land in the city. It also helps improve the infrastructure without tapping into public funds.
However, it’s no all rainbows and sunshine. As we have shared before, the cost of installing an EV charging station is not low. An AC charging station can be installed for a few thousand Ringgit, but a DC Fast charging station can cost as much as a new car. We’re also not entirely sure who ChargeSini are. It is not entirely clear if they have the funding for such a bold initiative. Even funding 10 DC Charging stations is a million-Ringgit endeavour.
We also don’t know what exactly their process is for applicants. How do they determine which parking lots will maximise their return on investment – presumably if they’re bearing all the risk, they would want to have maximum control over which parking spaces they’re willing to invest in. And if they’re not shouldering the whole cost, then does the parking lot owner still have to ‘pay-to-rent’ even if there are no customers using the charging lot?
Right now they have an operational app and about 7 stations ready for use. They’re also working with another company called Sangitech. Let’s see how it all pans out.