Tie-up to build EV charging infrastructure
The growing electric vehicle (EV) industry has encouraged the SET-listed companies Planet Communications Asia and Ekarat Engineering to team up for an EV charging infrastructure business.
The two companies, which have already signed a memorandum of understanding, are initially interested in a charging system for battery-run motorcycles. They plan to unveil details of their business later this year.
Planet Communications Asia, a digital technology provider, aims to integrate its expertise with Ekarat Engineering, a producer of electricity transformer and solar power modules, in order to jointly develop a charging system with the assistance of Internet of Things technology.
Capital spending for the new business was not disclosed.
"This new business development is designed to integrate resources of each firm to research, design, test and make the infrastructure for an EV charging system," said Prapat Rathlertkarn, chief executive of Planet Communications Asia.
He said his company will diversify into this EV segment through its subsidiary Planet Utility Co.
Rompissri Noichaiboon, managing director of Ekarat Engineering, said the EV infrastructure development will be based on energy consumption efficiency and safety.
Both Planet Communications Asia and Ekarat Engineering expect the EV industry in Thailand to enjoy rapid growth in line with the government's policy to promote clean energy.
Planet Communications Asia recently established its wholly owned Planet EV Co to run an EV and auto parts business, with registered capital of 5 million baht.
Planet Communications Asia is also interested in teaming up with other businesses to forge new partnerships in Southeast Asia.
The Thai EV market has been in the spotlight after the cabinet decided in February to approve a package of incentives, including tax cuts and subsidies, to promote EV purchases and production between 2022-2023.
The subsidies range from 70,000 baht to 150,000 baht depending on the type and model of vehicles, while there will also be lower excise taxes and import duties on completely knocked down and completely built up units.