The biggest coal mining firm in Southeast Asia, Banpu, has set sights on entering the electric vehicle market in Thailand. It is looking to produce lithium-ion batteries for EV manufacturers in China.
Banpu will kickstart the manufacture of batteries by the first quarter of 2024. Last month, the coal mining firm acquired a 40% stake in battery manufacturing firm Svolt Energy Technology. The acquisition was made by way if its subsidiary, Banpu Next.
“Our key clients would be key EV producers, which have already invested in Thailand over the past few years, including Great Wall Motor (GWM) and Neta,” Somruedee Chaimongkol, CEO, Banpu.
Banpu’s manufacturing site is established in the Sriracha district of Chonburi province, located 85 kilometers southeast of Bangkok. The yearly production is amply to provide batteries for 60,000 electric vehicles.
“EVs batteries produced from our plant will be for both domestic consumption and export,” Somruedee added.
Banpu is looking to manufacture Li-ion batteries for passenger EVs, electric buses and trucks
Earlier this year, Banpu made an investment to the tune of $70 million in Singapore’s lithium-ion battery maker Durapower Holdings.
In 2022, the Thai government began to offer subsidies of up to 150,000 baht per EV.
