Energy Absolute PCL (EA) signed MOUs with 2 of top 10 battery manufacturers in PRC; EVE Energy Co., LTD (EVE) and Sunwoda Mobility Energy Technology Co., Ltd (Sunwoda) to study and set up at least 6 GWh battery cell production plant in Thailand.
EA has signed MOU with EVE and Sunwoda to co-study and set up at least 6 GWh battery cell production factory in Thailand. The study will include setting up an advanced manufacturing battery cell plant in Thailand with competitive cost of EV and ESS batteries to capture the demand for battery market in Thailand and ASEAN.
Aside from the top full-line renewable energy business developer in ASEAN, EA group companies have been the number one of promoting and manufacturing of Commercial EVs, Charger stations, and Li-ion Batteries in Thailand. EA group companies have promoted Thailand's EV Fast Charge Ecosystem for Commercial EVs along with Thailand's EV 30/30 Vision, transitioning Thailand to a low carbon economy and a regional EV hub. Its EVs has covered building and operating Charging network, Public E-Ferry, Public E-Bus, E-Truck, and E-locomotive being supported by famous Chinese partners.
With Charging network investment last 5 years, EA has been a key player supporting Thai government to set up Thailand strategic master plan of EV and Battery investment promotion to bring Thailand being the center of EV ASEAN market and achieving built and operating 1 GWh fast charge battery cell production plant and EV assembly plant in Thailand, thus bringing in Chinese and foreign BEV to expand EV business until Thailand being no. 1 EV market in ASEAN.
To further support the Chinese EV assembly plant in Thailand, EA has planned to coordinate with a top Chinese battery manufacturer to make EV battery cells & packs in competitive cost and local supply to them.
EVE and Sunwoda have been interested in coordinating with EA as foreseeing Thailand EV-Battery market growth very promising. EVE and Sunwoda, each, will co-study with EA about production and selling the battery cells & packs in Thailand and further ASEAN market.
After co-study, EA will propose Amita Technology (Thailand) Co.,Ltd. to co-invest with the Chinese partner bringing the advanced technology of prismatic battery cell production, procuring low cost of supply chain materials, continuous R&D, and tapping Chinese EV customer base, to build and operate one of the largest competitive battery cell production plant in Thailand and serve most battery demand in Thailand and ASEAN in the initial stage with 6 GWh capacity. EA group companies will further consume some batteries to serve its commercial EVs, support co-selling battery packs to Chinese, Japanese, and European EV manufacturers and also made and sell ESS in Thailand and work closely with Thai Government promotion measures to bring Thailand becoming EV and Battery base in ASEAN.
In this regard, the government's policy to promote investment in EV batteries cell production will be an important factor making the project feasible and building investor's confidence. As a consequence, the government should have measures to expedite and put this policy into effect in order to promote Thailand as the manufacturing hub for lithium-ion batteries and become ASEAN's leader of EV industry in the future.