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.

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.