On October 10, SVOLT Energy Technology (Thailand) Co., Ltd. signed a strategic cooperation agreement with Banpu NEXT (a subsidiary of Banpu Group and the largest coal distributor in Thailand) at Changzhou Jintan Headquarters  Banpu NEXT will acquire 40% shareholding at SVOLT Energy Technology (Thailand) Co. Ltd. (hereinafter “SVOLT Thailand”). This is the first time that SVOLT (Thailand) company has attracted local partners to invest since its official announcement of its establishment in July, which is a new business innovation model and also another milestone for the international development of SVOLT.

The signing ceremony was attended by Mr. Yang Hongxin (Chairman and CEO of SVOLT), Ms. Somruedee Chaimongkol (CEO of Banpu Group), Mr. Sinon Vongkusolkit (CEO of Banpu NEXT), Ms. Prinat Apirat (Consul General of Thailand in Shanghai), Ms. Donlaporn Ajavavarakula (Director of Shanghai Office of Thailand Board of Investment), etc.

According to the agreement, SVOLT and Banpu NEXT will carry out in-depth cooperation in development, production and sales of vehicle power batteries, 2-3-wheeler batteries, energy storage, recycling, etc. so as to expand their new energy market in Southeast Asia and achieve complete industrial chain cooperation. SVOLT will leverage SVOLT (Thailand) as a platform to introduce advanced lithium battery R&D, manufacturing and recycling technologies to Southeast Asia, and collaborate with local partners to make the layout in advance. SVOLT will integrate superior resources to promote the R&D and application of related technologies and seize market opportunities.

Mr. Yang Hongxin said that SVOLT attached great importance to the layout of the Southeast Asian market and took “Global Vision and Local Operation” as a strategy to integrate into the Southeast Asian market. In this context, the establishment of SVOLT (Thailand) is highly matched with SVOLT’s business development plan in the Asia-Pacific region, which can fully support and satisfy SVOLT’s layout in the whole industrial chain of the new energy battery track in the future. There are cooperation and business implementation scenarios in scenarios in vehicle battery, energe storage, recycling and minerals.. This is a benchmark for SVOLT to further engage in overseas markets and achieve high-quality development.

Ms. Prinat Apirat, Consul General of Thailand in Shanghai, expressed her congratulations to the establishment of joint venture by SVOLT and Banpu NEXT, saying that it was perfect cooperation between the two leading energy companies in China and Thailand. Besides, she stated that the new Thai government had reaffirmed its firm commitment to sustainable, clean and green energy transformation and carbon neutrality by 2050. According to “the 30/30 Policy”, Thailand will realize 30% of electric vehicles in auto production by 2030. Therefore, Thailand also attaches importance to the comprehensive construction of the electric vehicle ecosystem, including battery manufacturing and infrastructure construction. The joint venture can involve in this development process very well, and its development prospect will be promising.

Banpu Group, the parent company of Banpu NEXT, is known as a vertically integrated energy company which has been active in the fields of resources, power generation and technology for a long time and acts as the largest coal producer and distributor in Thailand. As a subsidiary of Banpu Group, Banpu NEXT undertakes the business of renewable energy assets. Under the guidance of Banpu Group’s strategy of “being more intelligent and environmental”, Banpu NEXT attaches importance to promoting the development of clean energy technology and building a new energy ecosystem. The shareholding of Banpu NEXT at SVOLT (Thailand) and the development advantages of SVOLT in new energy will help Banpu Group accelerate its transformation development from traditional energy to new energy.

Thailand is the second largest economy in Southeast Asia, and 90% of its new energy vehicles are from Chinese brands. In particular, Great Wall Motor and Hozon are important customers of SVOLT. To better serve customers and let more people in Thailand to improve their life quality by new energy, SVOLT started to construct a company in Thailand, focusing on meeting the demands of passenger car market and quickly integrating into the Thai market with high-quality products and perfect services. In the future, SVOLT will cooperate with Banpu NEXT to connect with local enterprises through sales, equity financing and win-win industrial cooperation modes based on localized operation and international vision and strategy. SVOLT will blend itself into the local environment to give full play to its collaborative innovation advantages in power batteries and energy storage battery systems, exploring energy storage and recycling markets, promoting the energy revolution in Thailand, and accelerating the process of carbon neutrality in Southeast Asia.