Energy Absolute Plc (EA), a renewable energy firm and electric vehicle (EV) developer, plans to increase its revenue this year by focusing on energy sales, while restructuring its unprofitable EV business.
EA shareholders supported this move as they were asked to approve a new business restructuring plan, aimed at generating cash by selling biofuels and renewable power.
EA produces 278 megawatts from solar farms and 566MW from wind farms.
The company will continue to increase electricity generation capacity by developing two waste-to-energy power plants, each with a capacity of 8MW, in Pathum Thani and Phuket, and is preparing to join the new state auction for solar and wind farms with a combined capacity of almost 800MW, said chief financial officer Vasu Klomkliang.
EA also wants to supply renewable power to data centre operators in Thailand that require clean energy.
In the biofuel business, EA is in talks with aviation companies interested in buying sustainable aviation fuel (SAF), in line with global campaigns to reduce the carbon footprint of the industry.
SAF, a biofuel for aircraft, produces up to 80% fewer greenhouse gas emissions than conventional jet fuel, according to media reports citing various forecasts.
Mr Vasu did not elaborate on the talks, saying only that EA's SAF factory, with annual production of 100,000 litres, is scheduled to start commercial operations in the second quarter this year.
The company is conducting a business restructuring plan for its EV sales, which are waning as the domestic auto market slumps. The adjustment will pave the way for the company to achieve long-term growth, he said.
EA needs to forge partnerships with global EV companies to be more competitive and enter new overseas markets, said Mr Vasu.
The company is setting up a joint venture with Chengli Special Automobile Co, a manufacturer of EVs for special purposes, including ambulances, garbage trucks and telescopic boom lifts.
EA's EV assembly plant in Chachoengsao can produce between 3,000 and 9,000 vehicles a year, depending on the type of vehicle.
The company is also planning to partner with Airports of Thailand Plc to provide EV chargers and rooftop solar power for the company's airports.
