US-based EVLOMO Technologies Co will start expanding a network of electric vehicle (EV) super-fast charging stations countrywide this year after securing an investment budget worth US$210 million (around 6.7 billion baht).
"The EV industry in Thailand is growing. Advances in this sector will make the driving and charging of EVs more convenient and comfortable," said Dianna Raedle, president and founder of Deer Isle Group.
Deer Isle Group, a business partner of EVLOMO, made the $210 million investment as the transition towards electric mobility is accelerating in Thailand.
Executives of Deer Isle Group have also been invited to sit on the EVLOMO board to help the company set a future direction.
Deer Isle Group is a fintech, investment and advisory firm based in New York.
Besides the plan to expand EV infrastructure across the country, EVLOMO is also setting up an 8 gigawatt-hour lithium battery plant in Thailand under investment worth $1.2 billion.
The company aims to have its businesses cover all aspects of electric mobility.
The new factory is located in the eastern province of Rayong, which, together with Chon Buri and Chachoengsao, forms the Eastern Economic Corridor (EEC).
The government plans to develop the EEC into a high-tech industrial hub which focuses on 12 targeted S-curve industries, including new-generation cars and medical and wellness tourism.
According to EVLOMO, the plant will support growing demand for energy storage and electric mobility.
The design and layout of the factory have been completed. Its machinery requirements were also finalised. The plant is scheduled to operate by the second half of 2024.
Batteries it will produce are aimed at various types of vehicles, including four-wheeled vehicles, buses, heavy-duty trucks and two-wheeled vehicles.
"The rapid growth of EVs in the coming years will necessitate charging infrastructure development," said Ms Raedle.
The EV industry in Thailand has been in the spotlight after the cabinet resolved last week to launch a package of incentives including tax cuts and subsidies to promote EV consumption and production between 2022 and 2023.