Energy Giant PTT Pulls Plug on Electric Motorcycle Battery Swapping Unit 'Swap & Go'

Thai state-owned firm refocuses core business strategy and cuts non-hydrocarbon venture; dissolution of 100% owned subsidiary expected by 2026.

Thailand’s state-owned energy conglomerate, PTT Public Company Limited (PTT), has announced the closure of its electric motorcycle battery swapping subsidiary, Swap & Go Co., Ltd., as part of a major strategic overhaul.

The decision, approved at an extraordinary general meeting of the subsidiary’s shareholders, aligns with PTT's plan to sharpen its focus on strengthening competitiveness within its existing core businesses and review its strategy for non-hydrocarbon ventures.

Pattaralada Sangasang, PTT's Chief Financial Officer, disclosed the decision via a filing to the Stock Exchange of Thailand (SET).

The complex process to dissolve Swap & Go, which PTT wholly owned through its subsidiary ExpresSo NB Co., Ltd., is expected to be completed by the end of 2026.

Swap & Go was launched as an internal startup under PTT’s Innovation and Digital division.

Its business model revolved around providing a platform for electric motorcycle users to quickly swap out depleted batteries for fully charged ones, eliminating lengthy charging times and promoting the use of environmentally friendly e-motorcycles.

While the closure is an official corporate disposal resulting in the end of Swap & Go’s status as a PTT subsidiary, the company confirmed that the size of the transaction does not require formal disclosure under the SET’s rules for asset acquisition or disposal.

The move signals a commitment from the energy giant to build internal resilience and enhance long-term competitive potential in a rapidly evolving energy landscape.