Humanity faces a "code red" scenario as the escalating threat of climate change poses substantial risks to vital ecosystems. Urgent action against global warming is now of unprecedented importance, with reports highlighting a troubling temperature surge. This has resulted in pervasive global consequences, including increased heat, insect outbreaks, declining water supplies, reduced agricultural yields, and heat-related health impacts in cities.
INNOPOWER Company Limited, founded in 2022, is passionately committed to the energy transition in Thailand. It is a joint venture between the Electricity Generating Authority of Thailand (EGAT), RATCH Group Public Company Limited, and The Electricity Generating Public Company Limited (EGCO). INNOPOWER stands as a prominent pioneer of decarbonization, energy innovation, and emerging green technologies, with its core mission of enhancing and accelerating the transition to clean energy and promoting innovation in the energy and technology sectors in Thailand.
Mr. Athip Tantivorawong, Chief Executive Officer of INNOPOWER, said, “In 2023, INNOPOWER grew by over 700%, helping businesses in reducing greenhouse gas emissions by over 1.5 million tons of carbon dioxide equivalent (tCO2e) annually. For the growth in 2024, the company will expand the business through a decarbonization partner network. Today, INNOPOWER has also become the largest Renewable Energy Certificates (RECs) trader in the country, facilitating the exchange of over 1.2 million credits, since our establishment in 2022, showcasing remarkable and swift progress.”
The company’s key products include Renewable Energy Certificates (RECs), Energy Ignition Ventures Fund, Greenhouse gas reporting platform (GHG), and services related to Electric Vehicles (EV), including EV fleet services for the EGAT Mae Moh power plant and EV charger distribution partners.
Mr. Athip said that “The EGAT Group, a business group in the energy sector, is aware of the increasing demand for energy and is transforming towards clean energy. INNOPOWER serves as the innovation arm of the shareholders, utilising technology to meet the evolving patterns of energy consumption. The company represents the culmination of my experiences and passion for energy and technology, aiming to make clean energy accessible and affordable, ushering Thailand into a new era of sustainability.”
The CEO anticipates a 2024 focus on decarbonization, with a global push for clean energy. He highlights the shift to clean energy, commitment made by many countries at COP26, and Europe's Carbon Border Adjustment Mechanism. Meanwhile, policymakers and investors are increasingly emphasising ESG, including climate tech and sustainability. Also, Thailand is witnessing growing support for electric vehicles (EVs) with a goal that by the year 2030, approximately 30% of vehicles produced will be EVs.
The fresh energy-tech company focuses on three industries, including 1) Future Energy (Renewable energy), 2) Future of Mobility (EV), and 3) ESG businesses. The CEO of INNOPOWER explained that “New technology related to renewable energy is not limited to conventional sources like wind and solar. We will see emerging energy technologies that prioritise cost efficiency to achieve a balance in energy consumption in terms of green, cost efficiency, and stability, such as Green Hydrogen, Nuclear Fusion, Energy Efficiency technology and more.”
The company adheres to its 3-tier strategic solution, which includes ‘Offset,’ ‘Reduce,’ and ‘Invest.’ For offset, the company, distinguished as a premier provider of integrated services in Renewable Energy Certificates (RECs) acquisition and trading, is steadfast in its commitment to the consistent growth of REC-related businesses, aligned with the government's clean energy objectives.
RECs provide a strategic advantage to companies with Carbon Neutrality goals by significantly reducing Carbon Emissions from electricity usage, specifically those tied to Scope 2 Carbon Emissions (Indirect Emissions). RECs not only play a pivotal role in advancing Net Zero ambitions but also enhance the organization's positive image.
RECs are proof of the production of one megawatt-hour (MWh) of electricity generated from a renewable energy resource. The certificate comes in to address and certify that companies are using energy from a clean source. They act as a catalyst for the energy supply chain, confirming the actual existence of balanced and sustainable energy usage,” said Mr. Athip.
Moreover, the company also provides Greenhouse gas reporting platform (GHG) for partners, enabling them to automatically and accurately calculate their company's greenhouse gas (GHG) emissions. The platform helps them collect and report emissions data and track and manage on greenhouse has and energy use.
For reduction, the company in collaboration with EGAT, has initiated the EV fleet project at Mae Moh Power Plant in Lampang province, reducing greenhouse gas emissions by over 600,000 tons. This initiative serves as a blueprint for INNOPOWER's EV Fleet business, offering sustainable transportation solutions to both organisations and the private sector. It also aligns with EGAT's Carbon Emissions roadmap, playing a crucial role in supporting EGAT's commitment to Thailand's clean energy target and Carbon Neutrality Goal by 2065–2070.
In 2022, the company invested in Turntide Technologies, a US-based and Bill Gates-backed climate startup specialising in energy-efficient smart motor technology. This strategic move positions INNOPOWER to introduce smart motor technology to the Southeast Asian market, enabling end-users to cut costs, improve efficiency, and reduce their carbon footprint.
For invest, in May 2023, the company also joined hands with Trirec, a venture capital firm based in Singapore, to establish a venture fund dedicated to investing in decarbonization solutions. The newly formed fund, named ‘Energy Ignition Ventures,’ aims to raise a minimum of US$100 million for its initial vehicle towards the global target of achieving a net-zero economy by the year 2050.
“Energy Ignition Ventures fund provides investment opportunities in sustainability, leveraging the expertise of INNOPOWER in energy technology and the investment experience of partners from Singapore (Trirec),” explained Mr. Athip.
The company is also an import and the only authorised distributor of Wallbox, EV chargers with European accredited standards with an initial focus on accelerating the electrification of Thailand's transportation industry.
“In our pursuit of business expansion via a decarbonization partner network in 2024, fostering a people-first culture serves as the key ingredient for crafting and implementing a successful, viable, and sustainable business strategy,” said Mr. Athip. “For people, we emphasise the 3C mindset: Collaborator, indicating someone who is very supportive during critical moments, Creativity, possessing a positive mindset, and Contributor, someone who can create something valuable for the organisation.”
Asked about the key factors in the company's success, Mr. Athip highlighted its continuous pursuit of growth, agility, a concentration of a talented team, flexibility, and expertise.
“INNOPOWER is dedicated through determination and a steadfast commitment to shaping a cleaner, more sustainable world by supporting the goals of businesses through decarbonization partnerships.," emphasised Mr. Athip.