Sharge Management Co, a provider of charging systems for battery-powered vehicles, is planning to launch Thailand's first ready-to-use utility token for use with a charging service in the third quarter this year.
A utility token is a type of digital token that provides holders with privileges in the use of electric vehicle (EV) services provided by Sharge.
"This digital token will be a loyalty programme for customers. They will get electricity discounts and other privileges from our EV ecosystem in the future," said Sharge managing director Peerapatr Sirichantaropart.
Sharge's competitors have no loyalty programmes, so the company sees an opportunity to raise funds through the utility token.
"This [tokenisation] is in line with our five-year business plan to become No.1 in the EV charging business," said Mr Peerapatr.
Sharge signed a memorandum of understanding for its utility token development project with XSpring Digital Co, which specialises in tokenisation based on blockchain technology.
The utility token is a functional digital coin that can make a payment like money. It is also a unit of account, store of value and medium of transfer.
Att Asavanund, chief executive of XSpring Digital, said his company was also granted a licence to operate an initial coin offering portal for digital tokens by Thailand's Securities and Exchange Commission.
Working with XSpring Digital followed a series of cooperation activities between Sharge and energy firms, property developers and mall operators to build up the company's physical charging infrastructure.
Sharge's partners include Bangchak Corporation Plc (BCP), Sansiri, Pruksa Holding and Central Group.
The collaboration with BCP is aimed at developing a quick charging system at a petrol station adjacent to BCP's headquarters in Sukhumvit Soi 62.
Mr Peerapatr said the company estimated that sales of its chargers will make an exponential leap to 20,000 units within five years, from 250 units last year.
There are now 40,000 EVs on Thai road while the number of chargers is currently only 6,000.
If the government wants to achieve its goal of increasing EVs on the road by 300,000 in 2025, the number of chargers must increase to 100,000 units nationwide, according to Mr Peerapatr.