SET-listed renewable power developer Energy Absolute Plc (EA) aims to increase its number of electric vehicle (EV) charging outlets to 1,000 nationwide by the end of this year following a green loan grant from the Asian Development Bank (ADB), says EA deputy chief executive Amorn Sapthaweekul.
Energy Absolute is developing more EV charging facilities to serve future demand.
The company operates 400 of the 817 charging stations in Thailand. Others were developed by PTT Oil and Retail, the Electricity Generating Authority of Thailand, the Metropolitan Electricity Authority, the Provincial Electricity Authority and charger suppliers.
Mr Amorn said EA wants to have more EV charging outlets to serve growing demand for EVs in the future after major car companies roll out EVs and state-run Bangkok Mass Transit Authority announced it wants to switch from oil-powered buses to electric buses.
EA obtained the first climate financing of 1.5 billion baht from the ADB for a plan to fund further development of EV charging facilities and solar and wind power generation.
Established in 2006, EA began as a biodiesel producer before diversifying into renewable energy and EV businesses over the past decade.
The company operates six renewable power plants, with a total installed capacity of 664 megawatts, while its biodiesel production capacity totals 800,000 litres daily.
It also diversified into the energy storage segment by developing large-scale lithium-ion battery production facilities for various types of EVs, including ferries, buses and cars.
The facilities, located in Chachoengsao, are under construction.
EA expects to start commercial production of batteries within the first quarter.
It is also developing an EV assembly factory, scheduled to operate in May.
Mr Amorn said EA expects to see 20% of total revenue come from battery and EV assembly factories this year.