SET-listed Energy Absolute (EA), a renewable energy and electric vehicle (EV) developer and operator, expects to enjoy revenue growth of 20% for the fourth consecutive year in 2022 thanks mainly to its growing commercial EV businesses.
Last year EA’s revenue stood at 20.5 billion baht.
The latest estimate follows the company’s record of achieving 20% annual growth since 2019, according to information obtained from the Stock Exchange of Thailand.
Fully operating power plants using solar and wind power drove revenue in 2019 before EA launched an electric boat service in 2020 and then electric buses and trucks in 2021, according to EA.
Vasu Klomkliang, EA’s senior vice-president for strategy development and investment planning, said a plan to deliver 1,500 electric buses within the third quarter of this year would be a main contributor to revenue growth.
EA’s electric bus business falls in line with the government’s policy to use clean fuels to power public transport.
The company is now conducting marketing for its electric trucks.
Mr Vasu said trucks will become another commercial EV to help Bangkok cope with the harmful levels of PM2.5 ultra-fine dust that is emitted from ageing oil-powered engines.
The company launched electric boats late in 2020 to serve passengers travelling along the Chao Phraya River between Nonthaburi and central Bangkok.
EA entered the EV business as it wants to offset a drop in revenue once the state adder tariffs granted to electricity sales from its power plants gradually expire from this year.
The company’s electricity generation capacity is 664 megawatts in total.
“A new source of our revenue will be in the EV supply chain,” said Mr Vasu.
The company’s EV assembly facility is located near its EV battery production factory in Chachoengsao.
EA’s electric bus production capacity stands at 8,000 units a year while its battery production capacity is currently 1 gigawatt-hour, which will be increased to 2GWh by the end of this year, he said.