Pro-Net Secures RM200 Million Financing from CIMB for EV Initiative
Pro-Net gets RM200 million in financing from CIMB to keep importing and distributing smart EVs.
Proton New Energy Technology Sdn Bhd (“PRO-NET”), a wholly-owned subsidiary of Perusahaan Otomobil Nasional Sdn Bhd, has secured a major boost for its electric vehicle (EV) ambitions. The company announced today that it has obtained RM200 million in financing from CIMB Bank Berhad (“CIMB”) to fund its green mobility initiative and the import and distribution of the smart #1 electric vehicles (“EV”) in Malaysia.
As the exclusive authorised importer and distributor for smart vehicles in Malaysia and Thailand, PRO-NET is spearheading the introduction of the smart #1, the first model built on Geely’s Sustainable Electric Architecture (SEA) and styled by Mercedes-Benz. With a comprehensive ecosystem comprising 13 dealer locations, aftersales services, and a user-friendly digital app called ‘Hello smart’ that provides access to over 70% of the public charging network, PRO-NET offers a holistic electric mobility solution backed by a robust customer service plan.
Beyond just vehicle distribution, PRO-NET plays a pivotal role in fulfilling national carmaker PROTON’s commitment to its electric vehicle agenda and the development of the Automotive High Tech Valley (AHTV) in Tanjong Malim, leading the transition towards the production of New Energy Vehicles (NEV).
Roslan Abdullah, Board Member of PRO-NET, expressed gratitude to CIMB for their recognition of market opportunities and proactive approach in supporting PRO-NET’s expansion initiatives. “We will utilise this financing to enhance our digital ecosystem and supply chain in EV infrastructure and expand our network for a seamless retail experience. This will facilitate the rising demand for electric vehicles, aligning with Malaysia’s carbon neutrality objective,” Roslan added.
Novan Amirudin, Co-CEO of Group Wholesale Banking at CIMB Group, stated, “We are honoured to support PRO-NET in advancing its green mobility initiative. The transaction underscores CIMB’s commitment in supporting clients across diverse industries to advance their ESG agendas and fostering positive impacts through sustainable finance solutions.” CIMB provides a comprehensive suite of EV financial solutions, including preferential auto financing rates, insurance protection, and exclusive privileges, to drive the adoption of EVs and support the shift towards sustainable mobility across ASEAN.
As a purpose-driven financial intermediary, CIMB Group is continuously stepping up its sustainability innovation to achieve its sustainable finance target of RM100 billion by 2024 under the Group’s Green, Social, Sustainable Impact Products and Services (“GSSIPS”) Framework.
About the Author
Subhash Nair Written work on dsf.my. @subhashtag on instagram. Autophiles Malaysia on Youtube.
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