Shell Malaysia to acquire a 50% stake in ParkEasy

Shell Malaysia to acquire a 50% stake in ParkEasy

Shell Malaysia Trading has announced it will acquire a 50% stake in Pixelbyte, which is the company behind ParkEasy, a mobile app that allows users to park quickly in shopping malls and other locations, as well as offering pre-booked slots for electric vehicle (EV) charging.

The deal marks Shell’s first investment in a Malaysian tech start-up and gives the energy and petrochemical company an immediate path to an established parking and e-mobility platform in Southeast Asia.

“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,” said Seow Lee Ming, Shell’s general manager for mobility.

Shell Malaysia to acquire a 50% stake in ParkEasy

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,” she added.

Following the completion of the deal, which is expected to take place in Q3 2022, ParkEasy will continue to operate under its existing management and name. The company has grown its business over the last three years from offering parking reservation app, to providing proprietary smart parking solutions and electric vehicle charging bay management systems.

“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,” said Warren Chan, CEO of Pixelbyte.

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Gerard Lye

Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • Casual reader on Jun 04, 2022 at 5:40 pm

    Some had questioned wether Parkeasy was a Shell problem or their own. Well this has cleared up all questions.

    Like or Dislike: Thumb up 3 Thumb down 0
  • Hahaha on Jun 04, 2022 at 8:24 pm

    99 percent of so call start up is actually large company secret project, funded, research and developement via large company but because to save face if such company fail they separate it out like stranger. Put a young teenage face to steer it and hype it to test it. And when things going good they quickly adopt and buy it as a show to acquire it back into the system. When things gone wrong, you never hear about the start up and nothing to do with the mother company. So, share price will not break and shareholders are saved. Im frm one of these so call start up. Background is always control by very large mother firm. So dont be naive to think anyone can start up or such young innocent face can become CEO. Many of such young CEO are scolded like monkey by mother firm mid level management when something not right. Haha

    Like or Dislike: Thumb up 3 Thumb down 8
  • 1337 Ventures on Jun 07, 2022 at 10:46 am

    Congratulations ParkEasy. We’re proud of you.

    Like or Dislike: Thumb up 0 Thumb down 0
 

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