Malaysia: Shell acquires 50% stake in ParkEasy
The fuel retailer has invested in a smart mobility solution provider that lets drivers book parking spots as well as EV Charging slots.
Shell Malaysia has acquired 50% shareholding in Pixelbyte, the company operating the ParkEasy mobile application. The software lets drivers park quickly in shopping malls and other retailing locations and its the only service in the country to offer a pre-booked slot for EV Charging.
“Decarbonising mobility and enabling better services to our customers through digital innovation are core to our Powering Progress strategy. We intend to make investments that will help us serve our customers better through the energy transition and pressures of modern living. We value this opportunity to partner with a young Malaysian start-up, and believe our combined strength will help us develop superior mobility products and services for our customers,” said Seow Lee Ming, General Manager for Mobility at Shell Malaysia.
Over the last 3 years, the firm has grown its business from a parking reservation app to include other offerings such as sales of its proprietary smart parking solutions and electric vehicle charging bay management systems. The transaction is expected to be completed by the third quarter of 2022.
“At ParkEasy, we continually look for new, easier ways for people to enjoy an upgraded parking experience. We are excited to have Shell as a partner, especially as they support our vision and belief that people should always utilize their most valuable resource, time, on the things that truly matter to them," commented Warren Chan, Chief Executive Officer of Pixelbyte.
This will be Shell’s first investment in a local Malaysian tech start up, which will give the oil company an immediate path to an established parking and e-mobility platform in Southeast Asia. Despite the acquisition, ParkEasy will continue to operate under its existing management and name.
