Monday, September 21, 2020

Stake in Japanese EV maker to boost Banpu in smart energy field

Feb 04. 2019
Somruedee Chaimongkol, Banpu Plc’s chief executive officer
Somruedee Chaimongkol, Banpu Plc’s chief executive officer
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THAILAND’S Banpu Plc has signed an agreement to purchase shares in Japanese manufacturer of a compact electric vehicle.

Banpu, a leading integrated energy solutions company, announced the strategic investment yesterday. It will purchase a 21.5 per cent share in FOMM Corporation, the developer and manufacturer of Compact EV from Japan.

The US$20 million (Bt635 million) investment is being made through Banpu Infinergy Co Ltd, a subsidiary of Banpu Plc. It reflects Banpu Group’s mission to operate its total smart energy solutions business with an emphasis on sustainable growth under their “Greener & Smart” strategy.

The investment also aligns with the Banpu energy technology group’s goal to provide smart energy solutions to help drive Thailand towards its smart city vision.

Somruedee Chaimongkol, Banpu Plc’s chief executive officer, said, “The investment is another strategic move for the Banpu Group to expand its investment to develop a technologically-advanced clean energy business in Asia-Pacific. Electric Vehicle (EV) is one of the energy solutions we have researched. We believe that it will see good business growth and serve as an expansion of our investment in an electric vehicle battery manufacturer.”

The coming collaboration with FOMM Corporation “will provide consumers with more energy solutions while also serve to support Thailand in moving forward and developing further to realise its smart city vision in the future. This applies to both the trends of future vehicles and trends of technology where people are adapting their lifestyles to be more environmentally friendly.”

In addition to the investment, a new innovation and ventures division at Banpu has secured a collaboration partnership agreement with FOMM. Banpu Innovation & Ventures or BIV is focused on disruptive technology development via R&D, accelerator, incubator and corporate venture capital initiatives.

The partnership will focus on R&D and commercialisation projects relating to virtual power plants, micro-grids, electric vehicles, EV charging station and batteries. The partnership also ensures that FOMM vehicles will use lithium-ion batteries developed and made by Durapower Technology (Singapore) Pte Ltd (known formerly as New Resources Technology Pte Ltd), in which Banpu also has a strategic shareholding of 47.68 per cent.

“Banpu and its group of companies are devoted to discovering new technologies and investment opportunities under our Greener & Smarter strategy,” said Somruedee.

“The goal is to expand our business potential as well as build an ecosystem to ensure strong growth in related businesses, which will lead to the creation of more energy innovations to respond to customers’ needs. 

It is also the solution to future energy trends and the sustainable growth of our business.” 


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