SET-listed coal mine operator Banpu expects revenue from its energy technology segments to represent 10% of the total by 2025.
The segment is under the operation of subsidiary Banpu Infinergy (BPIN), founded in August 2017.
BPIN's key businesses include solar rooftops and distributed (on-site) power generation.
Banpu chief executive Somruedee Chaimongkol said the company is keen on expanding BPIN after just two years in operation.
"BPIN has acquired stakes in related businesses over the past two years, and we plan to integrate our acquired businesses to become an energy technology company in the future," she said. "In early 2019, BPIN allocated US$100 million for renewable power, gas and energy-related technology such as a microgrids for solar rooftops."
Mrs Somruedee said BPIN plans to scale up energy technology, including solar rooftops, energy storage, electric vehicles (EVs), charging stations and energy mobile apps, during 2019-20.
BPIN made its first acquisition in September 2017, buying a 25.7% stake in Singapore-based Sunseap Group through a subsidiary, BPIN Investment.
Sunseap is a clean energy solutions provider, owning 96.5 megawatts of energy storage. BPIN spent $55.7 million on the deal.
"In Sunseap, BPIN plans to increase energy storage capacity to 150MW by 2020," Mrs Somruedee said.
In March 2018, BPIN completed a second deal by purchasing a 44.84% stake in New Resources Technology (NRT), a Singaporean firm worth $33.2 million.
NRT also operates an energy storage system and runs a lithium-ion battery manufacturing at 80MW-hours.
In February 2019, BPIN acquired a 21.5% stake in FOMM Corporation, a Japanese developer of compact EVs for $20 million in newly issued shares.
Kanagawa-based FOMM was founded in 2013 with registered capital of $22.6 million. It develops and manufactures four-seat and micro EVs, provides technical consultancy for micro EVs, and designs and develops EV components.
FOMM vehicles will use lithium-ion batteries developed and made by Durapower Technology Singapore, in which Banpu has a 47.68% stake.
BPIN has installed solar rooftops at clients' properties in Thailand for total power capacity of 15MW.
"BPIN's latest move was an acquisition of 23% share in MuvMi, the mobile app provider for electric tuk-tuks to serve as shuttle cars for Bangkok's mass transit," Mrs Somruedee said.
She said Banpu plans to invest in new power generation from existing renewable resources in China and Japan.
The company expects to increase power capacity this year in China by 65MW to 220MW in total and in Japan by 100MW to reach 300MW.
Mrs Somruedee said Banpu plans to develop a 200MW wind farm in Vietnam after being granted an operating licence from that government.
"The first phase development will be planned at 60-80MW for power generation, and Banpu is seeking funds and running construction bidding," she said. "We expect to start commercial operations by 2020, as well as seek new opportunities for another 400MW in Vietnam."
For shale gas in the US, Banpu is prepared to invest $500 million during 2019-20, expecting to double production capacity from 250 million standard cubic feet per day. Banpu has spent $522 million on the gas field so far.
Mrs Somruedee said Banpu will maintain sales volume of coal at 47-48 million tonnes in 2019, unchanged from 2018, while coal stands at $75-80 a tonne.
By 2025, Banpu's revenue from coal will fall to 40% of the total while renewable and gas power will make up 30%. Natural gas production will stand at 20% and the remaining 10% will come from energy tech.