SET-listed Bangchak Corp Plc (BCP), a mostly state-owned energy firm, has budgeted 350 million baht a year to invest in R&D as it seeks to become an innovation leader.
The budget is to be used directly on Bangchak's own research, as well as investment via share acquisitions in startups and other innovative firms, said president and chief executive Chaiwat Kovavisarach.
He said innovation would be focused on the company's eco-business and innovative solutions to make its renewable power arm more efficient.
The company launched its Bangchak Initiative and Innovation Center (BIIC) at it Bangkok headquarters yesterday. It also recently teamed up with the National Research Council of Thailand to research equipment for a new kind of solar panel that can track the sun's rays during daylight hours for more efficient power generation.
The BIIC was set up as another R&D project to foster innovation after a previous scheme to produce biofuel from algae in 2012 became untenable in the face of collapsing global oil prices.
As part of its efforts to fund startups is a partnership deal with Plug and Play, a startup accelerator that plans to launch an innovation platform in California's Silicon Valley.
"We want businesses that consume less energy, produce less waste and use biodegradable materials which can be recycled," Mr Chaiwat said.
Bangchak is also designing a Green Energy Community Management System that will be applied to its petrol stations under a pilot project aimed at smart energy consumption.
The budget is expected to be finalised next month, with existing petrol stations on Srinakarin Road the first in line.
The upgraded stations will feature roof-based solar panels and wind-power trees, storing energy inside each station, the company said.
BCP shares closed unchanged yesterday on the Stock Exchange of Thailand at 38.50 baht in trade worth 372.6 million baht.