SET-listed Energy Absolute (EA), a renewable energy and electric vehicle (EV) developer and operator, seeks to team up with a Chinese battery manufacturer to increase its EV battery production capacity to 10 gigawatt-hours a year to serve EV manufacturers in Thailand and overseas.
The company is in the second-phase development of its battery factory to increase capacity to 4GWh annually within this year, up from 1GWh.
EA recently signed separate memorandums of understanding with two Chinese firms -- Eve Energy Co and Sunwoda Mobility Energy Technology Co -- to conduct a joint study on the battery business in Thailand.
After the study, EA will choose one company to be its partner to boost battery production by an additional 6GWh a year at its factory in Chachoengsao, said Amorn Sapthaweekul, deputy chief executive of EA.
Eve Energy is China's third largest lithium-ion battery producer and is an expert in energy storage systems and EV technology, while Sunwoda Mobility Energy Technology is China's fifth largest lithium-ion battery manufacturer and also specialises in super-fast charging battery technology as well as hybrid and plug-in hybrid EVs.
One of them will jointly operate a battery business with EA by developing a battery cell production facility, to be located near the firm's factory, operated by its subsidiary Amita Technology (Thailand) Co.
EA plans to supply batteries to support its commercial EV business and sell them to other EV manufacturers.
The company said earlier it plans to deliver 2,000 electric buses to customers this year. EA also plans to expand its fleet of battery-run boats by increasing the number in operation to 44, up from 27 at present.
Mr Amorn expects the company will make a final decision on the new partnership within the fourth quarter of this year.
The first battery production under the cooperation with a Chinese firm should start in 2025, he said.
EA expects to make batteries at a competitive cost to serve both the EV and energy storage system segments.
The company earlier announced it would apply for investment privileges under the Board of Investment to support its other battery investment plan to increase capacity by another 4GWh.