Singapore's Yinson GreenTech dispels reports of buyout

Singapore-based technology company Yinson GreenTech (YGT) has published a statement refuting reports of a "purported management buyout" of the company.

YGT stated that the information presented is inaccurate, and it has clarified that that there are no plans for any buyout of the company.

YGT said that, as part of its regular portfolio review process, it recently disposed of Yinson Green Technologies (YGTA), which is its Norwegian subsidiary dealing with marine battery solutions.

"The disposal does not affect Yinson GreenTech’s businesses outside of this segment," YGT explained. "Yinson GreenTech’s brands, marinEV, chargEV and drivEV all remain with Yinson GreenTech, a wholly-owned subsidiary of Yinson Holdings."

YGTA has been acquired by Nereida Energy Holding. Following the acquisition, YGTA will operate under the name Nereida Energy.

Geir Bjørkeli, who had previously worked as Chief Executive Officer with battery manufacturer Corvus Energy in addition to senior roles with Rolls-Royce and Huisman, has been appointed as Chief Executive of Nereida Energy.