SET-listed Energy Absolute (EA), a renewable energy and electric vehicle (EV) developer and operator, plans to partner with auto parts manufacturers to develop its EV business as the industry continues to grow.
The company is in talks with motor and transmission makers on co-investment to develop EV components, said Vasu Klomkliang, EA's executive vice-president for strategy development and investment planning.
He did not provide more details, but said the company wants to benefit from the government's policy of developing EV manufacturing in Thailand and reducing imports of completely built EVs.
The National EV Policy Committee announced in 2021 that it wanted EVs to constitute 50% of locally made vehicles by 2030, part of a plan to make Thailand a regional EV hub.
A sufficient supply of components for manufacturers, including batteries and gearboxes, is as important as EV assembly to develop the EV ecosystem.
EA earlier formed a partnership with a firm specialising in battery system management to further develop its battery business.
Mr Vasu said the company is planning to increase battery production capacity to 7 gigawatt-hours, up from 3GWh at present.
EA is producing nickel manganese cobalt (NMC) batteries. Additional capacity of 4GWh will come from the production of lithium iron phosphate batteries, also known as LFP batteries, he said.
NMC batteries have a very high energy density of 250 watt-hours per kilogramme, while the energy density of LFP batteries is 160 watt-hours per kg.
The company's battery production facility is located in the Chachoengsao Industrial Estate.
Mr Vasu said EA was working with logistics operators to jointly conduct a trial of large electric trucks the company recently launched. An outcome is expected in the second half of this year, after which the company expects to design a business plan, he said.
Last year, EA debuted electric mini-trucks.
Somphote Ahunai, chief executive of EA, said earlier policymakers should focus more on commercial EVs than saloons, which are mostly for personal use rather than a heavy workload. This would support the government's campaign against carbon dioxide emissions as buses, boats and trucks have large bodies that require a huge amount of diesel to power their internal combustion engines.
EA assembles electric buses and sold 1,000 units last year. In 2023, the company received purchase orders for 3,000 electric buses.
