Egat International, a subsidiary of Ratch Group Plc, has teamed up with US-based Evlomo Technologies, which runs a battery business, to make a joint US$100 million investment in electric vehicle (EV) charging and energy storage solutions in the US market next year.
Ratch Group is a subsidiary of state-owned Electricity Generating Authority of Thailand (Egat), which earlier announced that it wanted to boost Egat's business opportunities overseas through Ratch Group and Electricity Generating Plc, also a subsidiary of Egat.
Bundit Umpornsrisupap, senior executive vice-president and acting president of Egat International, said his company was interested in the development of smart fast EV charging facilities.
He expects to see more usage of EV chargers, along with increasing demand for energy storage solutions, which will play a pivotal role in global electrification efforts.
"Together we hope to lead the way forward for the adoption of clean energy and EV charging solutions globally," said Mr Bundit during the signing of a memorandum of understanding regarding the cooperation with Evlomo.
The two companies will jointly develop EV charging network and energy storage solution businesses, which are expected to have the potential for significant growth in the near future, said Nicole Siyao Wu, director and group chief executive of Evlomo.
"Evlomo and Egat International aim to enable superfast DC [direct current] charging in areas previously unsuitable for superfast DC charging solutions," she said.
Ms Wu said both companies were aligned with their missions to promote more renewable energy penetration via adaptive, responsive, predictable and reliable smart grid resources.
They also want to push ahead with the adoption of electric mobility technology in order to achieve greater energy efficiency and cost savings for EV drivers.
"This is an extremely promising project, and Egat International is the perfect partner for us to explore Evlomo's capabilities in the EV charging sphere," Ms Wu said.
Earlier Evlomo announced it would work on battery development and a battery swapping service project for electric motorcycles, in a move to boost demand for green two-wheelers in Thailand.
The work is under a memorandum of understanding the company signed with PTT Oil and Retail Business Plc and Toyota Tsusho (Thailand).
