Innopower Co, an energy developer under the state-run Electricity Generating Authority of Thailand (Egat), is planning to become an electric vehicle (EV) assembler, aiming to catch a trend.
The company expects to invest in an EV factory with a budget estimated at 500 million baht, said chief executive Athip Tantivorawong. Investment is scheduled to be concluded by the second quarter this year, he said.
Innopower plans to partner with EV companies to jointly operate an EV assembly plant. Mr Athip declined to name the partners or location of the facility.
He said he expects the new EV business can play an important role in helping people become accustomed to clean energy.
Last year, Innopower helped Egat speed up its shift from using oil-powered cars at its lignite mine in Lampang province to battery-run vehicles. The company also provides a digital platform to assist EV drivers to manage their queue for EV charging.
Over the past two years, Innopower introduced several initiatives to promote future mobility, including EV fleet cards, charging stations and supporting infrastructure. In the long term, the company wants to invest in EV battery manufacturing, said Mr Athip.
Innopower is also studying the use of hydrogen fuel as an alternative energy.
"The production and logistics system for green hydrogen is expensive. It's a challenge for developers and energy policymakers to reduce the costs," he said.
Green hydrogen, which can be used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.
Innopower aims to cut carbon dioxide emissions by 2 million tonnes this year, up from 1 million tonnes in 2023, by offering smart energy solutions and trading renewable energy certificates.
