Banpu NEXT Expands Cooperation with SVOLT, Enhancing Localization in Energy Storage, Battery Cells, and Recycling

Bangkok – Banpu NEXT, a subsidiary of Banpu PCL, a leading smart energy solutions provider in Asia-Pacific, has further strengthened its cooperation with SVOLT, a manufacturer and distributor of lithium-ion batteries for electric vehicles, by signing a Strategic Cooperation Agreement. This signing follows the establishment of a joint venture factory, aiming to further strengthen their localized cooperation and development in the fields of energy storage, battery cells, and recycling while also maintaining SVOLT Thailand factory’s leading advantages in the lithium battery industry covering Thailand, Southeast Asia, and other regions. Representatives from both parties, including Mr. Yang Hongxin, Chairman and CEO of SVOLT, Mr. Zhang Feng, Vice President of SVOLT, Mrs. Somruedee Chaimongkol, CEO of Banpu, Mr. Sinon Vongkusolkit, Group Senior Vice President of Banpu and Mr. Smittipon Srethapramote, CEO of Banpu NEXT, attended the signing ceremony.

Banpu NEXT and SVOLT will serve as strategic partners in the Asia-Pacific region for lithium battery assembly, energy storage system assembly, battery cell production, and related businesses to meet local market demands and policy requirements. Additionally, they will collaboratively assess the feasibility of establishing the ESS Production Plant in Thailand, and upgrading the production line from EV Pack to ESS Pack is part of this endeavor. Furthermore, they will also initiate feasibility studies for localizing battery cell production to align with Thailand’s policy requirements and prepare for localized battery production in Thailand starting in 2026. Finally, they intend to broaden their business cooperation, sharing resources, and proactive development of energy storage system projects. This expansion will geographically diversify collaboration efforts, targeting markets in Thailand, ASEAN, Japan, Australia, and North America. 

Mr. Smittipon Srethapramote, Chief Executive Officer of Banpu NEXT Co., Ltd., said “Today marks a significant milestone in our journey towards driving a future Net-Zero Society. This strategic cooperation with SVOLT reinforces our already robust partnership and unveils fresh avenues in the fields of energy storage, battery cells, and recycling. This collaboration will assist us in leveraging the value chain of our battery business and tap into our collective strengths to address local market needs and spearhead innovation in commercial cooperation, ultimately driving the advancement of a sustainable future for Thailand and beyond.”

Mr. Yang Hongxin, Chairman and CEO of SVOLT Energy Technology (SVOLT), expressed his gratitude for the Thai government and Banpu NEXT for their strong support and assistance in SVOLT’s development in Thailand. He stated that the signing of this Agreement is the result of the joint efforts of both teams and will help to fully leverage their respective advantages, promoting the high-quality development of Thailand’s new energy industry. He believes that this new business cooperation model between SVOLT and Banpu NEXT will help SVOLT better introduce advanced power battery technology and products into the Thai market, promoting the development of the local new energy market, assisting Thailand in becoming a global automotive manufacturing center, ultimately benefiting local Thai companies and consumers.

As a global energy interconnection technology company, SVOLT has been actively expanding its presence in Southeast Asia. In the past year, Banpu NEXT has collaborated with SVOLT on a series of projects. In July 2023, the SVOLT Thailand factory officially began construction; Banpu NEXT acquired a stake in SVOLT Thailand in October; leaders from the Thai Ministry of Energy, Ministry of Finance, Ministry of Natural Resources, and the Thai Automotive Industry Association visited SVOLT for an inspection in November; and the first battery pack from the joint venture factory between SVOLT Thailand and Banpu NEXT was successfully produced in December. Through this cooperation, Banpu NEXT and SVOLT will leverage their strengths in product and technology innovation, globalization strategies and business diversification. They will collaborate with local companies, and continuously innovate in technology, manufacturing, and products, contributing to the development of the Thai new energy market and the global energy transition.

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