SET-listed Bangchak Corporation (BCP) plans to introduce its first energy startup in 2020 after spending US$50 million as an accelerator since 2017.
BCP's wholly owned Bangchak Initiative and Innovation Center (BiiC) served as the startup's accelerator.
BiiC developed six startups from the US, with a plan to develop a bio-energy sector in Thailand.
The outcome from the accelerator will be seen in 2020, said Suwat Meemook, BiiC's executive vice-president.
Most of the startups supported by BiiC are at the technology readiness level of 1-4, at the pilot scale, as further development is needed to reach a commercial scale of level 6-8 in the near future, said Mr Suwat.
BiiC plans to establish a new R&D startup for charging electric vehicles (EVs) fast, in line with its agreement with the state-run Provincial Electricity Authority (PEA) to study the basic infrastructure of EVs.
Fast charging requires high power, which could interrupt the power supply system, meaning BiiC needs to team up with PEA to seek a solution.
The first fast charging station is expected at a BCP petrol station. The charging time is roughly 20 minutes for EVs.
In addition, BCP signed an agreement with biofuel subsidiary BBGI to form a joint venture, expected to be concluded early next year.
BBGI is a joint venture of Bangchak Corporation and Khon Kaen Sugar Industry. Bangchak owns 60% and Khon Kaen Sugar 40%. BBGI has five companies operating ethanol and biodiesel production facilities.
The bio-based energy project was delayed almost a year ago.
BBGI is also postponing listing on the stock market following the delayed time frame for investment in new ethanol and biodiesel production.
The first phase aims to build up higher prices for bio-energy products, such as biodegradable plastic polymer, food supplements, medicine, cosmetics and sweeteners.
Mr Suwat said BBGI has a collaboration with many R&D agencies worldwide to develop an industrial-scale production for the bio-energy segment.
"BBGI plans to start commercial-scale alternative protein or bio-protein production, which is a protein substance like meat," he said.
"BBGI expects breakthrough technology in bio-based products to improve cost efficiency, while some bio-products can substitute sugar cane and palm oil."
Mr Suwat said bio-proteins are produced from biofuels for use in skincare and medicine.