Thai renewable energy company Energy Absolute Plc (EA) said it plans to expand its domestic electric vehicle (EV) recharging network to 1,000 outlets by the end of this year, according to local reports citing the company's deputy chief executive Amorn Sapthaweekul.
Mr Amorn said his company, which is listed on the SET Thai stock exchange, has received a loan worth THB1.5bn (US$502m) from the Asian Development Bank (ADB) to help fund the expansion of its recharging network as well as itssolar and wind power generation operations.
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EA is the largest EV recharging operator in Thailand, accounting for 400 of the 817 stations currently in place in the country. The rest of the network is operated by a number of local companies and organisations, including PTT Oil and Retail, the country's national and regional electricity authorities and also by local charger manufacturers.
EA his positioning itself in anticipation of rapid growth in the use of electric vehicles in the country, with state-run Bangkok Mass Transit Authority having recently announced plans to switch to battery-powered public transport buses while automakers are also looking to bring in more and more EV models.
EA started out as a biodiesel producer in 2006 before expanding into renewable energy and the EV recharging business. The company operates six renewable power plants with a total installed capacity of 664 megawatts and a biodiesel production capacity of 800,000 litres per day. It is currently building a lithium-ion battery plant in Chachoengsao, near Bangkok, for EVs, ships and other applications which is scheduled to begin operations in mid-2021.
