Energy Absolute invests in Thai EV battery sector
Thai energy company Energy Absolute plans to build a lithium-ion battery plant for electric and plug-in hybrid vehicles and energy storage products in the country.
The Thai company is shifting its focus away from solar and wind power in favour of what it sees as a more dependable growth segment of the energy market.
It expects to complete a THB5bn (US$162m) first stage manufacturing plant investment by July 2020, bringing online one gigawatt hour of energy storage capacity annually in Chachoengsao province, just east of Bangkok.
When battery production facility comes on stream in the middle of next year, Energy Absolute expects it will help reduce prices of electric vehicles in the country to as low as THB500,000-600,000.
The company expects ultimately to invest around THB100bn (US$3.2bn) in this sector to raise its battery production capacity to 50GWh by 2022 as it looks to export its batteries to global markets.