Posted on 13 Oct 2023
Chinese new energy battery company Svolt Energy announced its Thailand-based subsidiary has signed a strategic cooperation agreement with Banpu Next. This is a subsidiary of the world-leading Thai energy giant Banpu. Banpu Next plans to invest in Svolt Energy Thailand as part of the cooperation, Kallanish learns.
Banpu Next will hold a 40% stake in Svolt Energy Thailand, becoming the first local partner since its official establishment in July. According to Svolt Energy, this is another key milestone for its international expansion. So far, the two companies have not announced the investment value of the deal.
According to the agreement, the two companies will launch in-depth cooperation in the development, production, and sales of vehicle-use power batteries, batteries for two and three wheelers, energy storage, and recycling. They plan to jointly expand layouts in the Southeast Asian energy markets and form comprehensive industry chain cooperation there.
In July, Svolt Energy held a groundbreaking ceremony for its battery pack factory in Sriracha City, Chonburi Province, Thailand. This factory is being upgraded from an existing local factory and the construction is expected to be completed by the end of this year. The planned annual production capacity is 60,000 battery packs/year.
Banpu's energy technology business covers a wide area of Southeast Asia and also reaches China, Japan, North America and Australia. It operates three combined heat and power plants, seven photovoltaic power plants and two joint venture coal mines.
As its subsidiary, Banpu Next is said to be a leading intelligent energy solution provider in the Asia Pacific area. Banpu Next hopes to build reliable, economic, and environmentally friendly solutions to help improve energy efficiency with the help of Svolt Energy Thailand.
Prinat Apirat, Thailand’s consul general in Shanghai, said at the signing ceremony: "The new Thai government stressed the commitment of achieving carbon neutrality in 2025. Thailand plans for electric vehicles production to hold a 30% stake in all vehicle production in 2030 ... Thailand highly values the construction of the EV ecology, which includes battery manufacturing and infrastructure construction. Svolt Energy Thailand can be actively involved in this process and the prospect is very promising."
Source:Kallanish
