Banpu NEXT acquires shares of SVOLT Thailand to enhance battery business embracing EV trend while driving net-zero ambition

Banpu NEXT, a leading smart energy solutions provider in Asia-Pacific, is continuing to expand its Energy Storage business venture, investing 750 million baht to acquire a 40% shareholding in SVOLT Energy Technology (Thailand) or SVOLT Thailand, manufacturer and distributor of lithium-ion batteries for electric vehicles. The endeavor strengthens and readies Banpu NEXT’s business portfolio for the growth of Thailand’s EV industry, underlining the company’s commitment to driving toward net-zero while also reinforcing the country’s direction propelled by the government to achieve carbon neutrality by 2050.

This strategic partnership will further enhance Banpu NEXT and SVOLT’s expertise in offering total services including battery manufacture and distribution, import- and export-related businesses, technical services, counselling, battery solutions and energy storage tailored to customers’ requirements. All of this is powered by high-quality and eco-friendly technology to ensure maximum benefit for the customers. In this regard, Banpu NEXT and SVOLT Thailand will carry out in-depth cooperation in the development, production, and sales of passenger car batteries, 2-3-wheeler batteries, energy storage, battery recycling, and other related fields, to jointly expand the new energy market in Southeast Asia. The initial annual production capacity at the battery manufacturing plant located in Si Racha district of Chonburi province is 60,000 units, which will be delivered to customers in the first quarter of 2024. The production capacity has potential for future expansion to serve the rising demand for batteries across the region.

Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT Co., Ltd., said: “Following Banpu’s ‘Greener & Smarter’ strategy, Banpu NEXT is committed to becoming the ‘Net-Zero Energy Provider’ for enterprises across Asia-Pacific. Our strategic approach is to explore collaborative opportunities aimed at enhancing our organizational capabilities and fortifying our business ecosystem. We are therefore pleased and honored to partner with SVOLT, resulting in a move that will significantly bolster our Energy Storage business and empower our competitiveness, equipping us with the capabilities to offer enhanced high-power battery solutions for electric vehicles (EVs) and energy storage systems (ESS) that adhere to globally recognized standards.”

Mr. Yang Hongxin, Chairman and CEO of SVOLT Energy Technology (SVOLT), said: “SVOLT attaches great importance to the layout of the Southeast Asian market and has taken the principle of ‘Global Vision, Local Operation’ as its strategy for integrating into the Southeast Asian market. In this context, Banpu NEXT acquired a stake in SVOLT Thailand, and the two parties entered into in-depth cooperation based on long-term sustainable development. This is in line with SVOLT’s business development plan in the Asia-Pacific region and will fully support SVOLT’s entire industrial chain layout for the company’s new energy batteries in the future, with cooperation and business implementation scenarios in vehicle batteries, energy storage, recycling, and minerals. This will serve as a benchmark for SVOLT to further engage in overseas markets and achieve high-quality development.”

Thailand represents a significant market for new energy vehicles in Southeast Asia, particularly for Chinese brands such as Great Wall Motor and Hozon, both of whom are major customers of SVOLT. This investment resonates with Banpu NEXT’s commitment to offering ‘Total Smart Energy Solutions’ to serve increasing demand in Thailand while accelerating the realization of a net-zero society.

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