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Evolving Business Model

Being an Innovative Leader and Capturing the Future Sustainability Market

Global Power Synergy Public Company Limited (GPSC) focuses on supporting research and technology as it is key to advancing the organization on the basis of knowledge. To foster competitiveness and grow the business in line with the mission and vision of the organization, GPSC has formulated strategies and management approaches for innovation and new business opportunities in order to maximize competitiveness, as detailed below.

Guidelines for Technology Research and Development Management
GRI 3-3, 203-1, 203-2

GPSC recognizes trends in technology and energy transition based on the 4D1E principle, which consists of Decentralization, Decarbonization, Digitalization, Deregulation, and Electrification, as they may affect the centralized power system business and usher in a transition towards decentralized power systems. In light of this, in conjunction with rising power demand, GPSC has made preparations and drawn up plans to adjust its business model, with larger investment budgets earmarked in order to accommodate such trends and generate returns from new businesses in the future using the S-Curve strategy as the main strategy in supporting an innovation-led transition to new businesses that are in line with changes in the energy business and the value chain as well as with future business operations.

Decentralization
Decarbonization
Digitalization
Convergence

Decentralization

The shift towards decentralization of power production has caused a transition from traditional large-scale power plants to smaller producers who can trade electricity among themselves. This has resulted in a more widespread use of microgrids connected to smart grids and transformed consumers into prosumers – independent power producers who can both purchase and sell power. Power production is based on renewable energy and can be carried out in conjunction with energy storage and the application of additional sources of renewable energy, such as solar rooftops.

Decarbonization

Transitioning towards clean energy sources and eco-friendly products, such as solar, wind, hydropower, or biomass, as well as the adoption of new decarbonization technologies, such as carbon capture, utilization, and storage (CCUS) and hydrogen, can help reduce carbon dioxide emissions from fossil fuels as well as support the Paris Agreement and the United Nations Framework Convention on Climate Change, in which Thailand declared its commitment and pledged to reduce the country's greenhouse gas emissions by 2030 as well as achieve carbon neutrality and net zero emissions.

Digitalization

The adoption of technology can enhance operational efficiency in both production and distribution systems as well as reduce both time and costs in peer-to-peer trading of electricity between buildings. Technology can also be utilized to develop smart buildings to promote the efficient use of energy as well as support businesses in adapting to a technology-driven society and foster competitiveness amid changes in the future.

Convergence

Barriers to the electricity business are reduced by increasing free trade of energy, leading to competition within the power industry between existing and new operators and thus expediting the distribution of power generation and the sales of electricity.

In order to drive the business sustainably in economic, social, and environmental aspects, GPSC has formulated the 4S Strategy, consisting of S1: Strengthen and Expand the Core (promoting and developing GPSC’s core businesses); S2: Scale-up Green Energy (expanding renewables-based power production); S3: S-curve & Batteries (investing in battery development and technology businesses with promising growth); and S4: Shift to Customer-Centric Solutions (optimizing energy management in accordance with customers’ context). The S3 and S4 pillars serve as the primary mechanism for driving GPSC towards becoming a leading innovative power company, creating sustainable business opportunities, and promoting an innovation, technology, and clean energy transition in a sustainable way.

S3: S-curve & Batteries

This strategy focuses on the development of energy innovations and businesses of the future, including the development of energy storage systems (ESSs) and batteries for electric vehicles (EVs) and other vehicles as well as the expansion of innovative businesses, all of which will serve as a key mechanism for driving GPSC’s energy innovations. This strategy promotes the generation of revenue from New S-curve businesses to accommodate changes in the energy and electricity industry in the future. The goal is to foster partnerships to push forward ESS businesses and become a provider of other services related to the value chain of the battery business.

Furthermore, GPSC prioritizes other New S-curve businesses that will play a greater role in the power production sector in the future, such as digital energy, hydrogen power, and carbon capture, utilization, and storage (CCUS).

Collaboration in Support of Innovation Research and Development
GRI 203-1, 203-2

GPSC recognizes the importance of cooperation between agencies to encourage innovation commercialization and foresees an opportunity for open innovations to serve as a way for receiving and exchanging knowledge, ideas, and experiences from and with external parties in order to add value or create new products that enhance GPSC’s competitiveness and energy innovation. GPSC focuses on innovation research and development through various collaborations. Relevant projects are as follows:

Development of the first floating solar in Thailand (G-Float)

In collaboration with a company in PTT Group and Combined Heat and Power Producing Company Limited (CHPP), GPSC has developed a pilot project for the installation of a floating solar known as G-Float – a commercial floating solar buoy catering to industrial customers, government agencies, and private organizations wising to adopt renewable energy.

Designed to maximize electricity production efficiency, G-Float is made of innovative high-density polyethylene with special properties, such as flexibility, strength, and durability and is non-toxic to marine life as well as can reduce barnacle buildups. Easy to install and maintain, G-Float supports various solar panel models from the standard size to larger and heavier ones, and the material is recyclable and boasts a service lifespan of 25 years.

Efficiency enhancement benefits
  • Service life extended to 25 years
  • Enhanced electricity production efficiency thanks to materials with greater corrosion resistance
Revenue increase and cost reduction benefits
  • 390,000 baht saved in electricity costs (for the installed capacity of 100 kW)
  • 7.8 million baht saved throughout service life
Human resource and innovation benefits
  • Opportunities for personnel to enhance capabilities, skills, and experience on floating solar
Other benefits
  • 36 tonsCO2eq of greenhouse gas (GHG) emissions reduced per year and over 725 tonsCO2eq per year throughout service life
  • The plastic resin in the product has no impact on marine ecosystems (certified by the United States Food and Drug Administration)
  • The project can serve as a case study for communities interested in solar power systems.
Smart Energy Community at Vidyasirimedhi Institute of Science and Technology (VISTEC)

GPSC has partnered with PTT Public Company Limited to study and develop a smart energy management system through the use of various technologies at Vidyasirimedhi Institute of Science and Technology (VISTEC). Under this collaboration, new energy technologies and innovations are studied to create guidelines for further development and real-life applications in the future, such as reliable power production using solar rooftops and floating solar, the use of energy storage systems (ESSs) to optimize renewable energy systems, and the adoption of artificial intelligence (AI) to analyze electricity production, storage, and distribution, as well as the use of blockchain for digital peer-to-peer (P2P) on-grid power purchase between facilities through smart contracts, which will obviate intermediaries and display results in real time.

Efficiency benefits
  • Over 38.5% increase in renewable energy production in buildings
Revenue increase and cost reduction benefits
  • 1.75 million baht in expected income from solar energy system installation in the first phase, with an additional 4.16 million baht expected in 2021, totaling 5.8 million baht
Human resource and innovation benefits
  • Renewable energy knowledge and skills enhancement for further investments in the future
  • Employees can access new technologies and innovations, such solar rooftops, floating solar, and ESSs
  • The collaboration supports GPSC’s main policies to push forward the use of green technology and contribute to neighboring communities.
  • The collaboration provides a case study of innovations in the electricity business and guidelines for developing various energy management approaches in the future.
Other benefits
  • 1,211,306 tonsCO2eq of greenhouse gas (GHG) emissions reduced per year
  • A renewable energy learning center has been established for communities.
  • A good relationship has been fostered between GPSC and surrounding communities.
  • VISTEC students are encouraged to take part in learning and experimenting with innovations.
Smart Energy Project, The Model Learning Center of Energy Management for Sustainability at Suranaree University of Technolog (SUT)

GPSC cooperates with the Combined Heat and Power Producing Co., Ltd. (CHPP), Nuovo Plus Co., Ltd. (Nuovo Plus) and Suranaree University of Technology (SUT) to carry out a project to promote electricity production from solar energy for the building in university and cooperate in research and development of solar energy. This groundbreaking initiative aims to establish SUT as a hub for renewable energy research and development contributing to Thailand's transition through the installation of 3 electrical systems with a total capacity of 6 megawatts, including:

1. Solar Rooftop: Utilizing Mono PERC Half-Cell Module technology, this system features high-performance, small-sized silicon cells that ensure long-lasting operation.

2. Bifacial Solar Rooftop: This innovative system boasts a unique design that allows light to penetrate from both sides, enhancing overall efficiency.

3. Floating Solar: Employing CHPP's G Float technology, this system utilizes special polyethylene plastic pellets infused with UV stabilizers, ensuring durability, environmental friendliness, and recyclability at the end of its lifespan.

To complement the solar energy systems, a digital energy management system is being implemented to optimize energy utilization. This system will be paired with a 100 kW/200 kWh Battery Energy Storage System (BESS), transforming SUT into a pioneering model for smart grid management in Thai universities. This intelligent network will pave the way for future advancements towards smart cities within the Nakhon Ratchasima province.

The project further embraces innovation with the development of a Peer-to-Peer Trading platform for electricity. This platform will enable real-time monitoring and trading of electricity, empowering SUT to optimize energy consumption and generation. The integration of BESS and an AI-powered Monitoring Platform will facilitate intelligent analysis of energy usage patterns, leading to the development of a comprehensive trading platform for efficient energy management.

Efficiency benefits
  • Increase renewable energy production within the university by 8.5 million kilowatt-hours per year.
Revenue increase and cost reduction benefits
  • Reduce the university's electricity bill by up to 510 million baht over the 25-year life of the project.
Human resource and innovation benefits
  • Enhance skills and knowledge in renewable energy innovation for further investment in the future.
  • GPSC employees can access to new technologies and innovations such as rooftop and floating solar power systems and electrical storage applications.
  • Align with GPSC's core policy of promoting environmentally friendly technology that benefits surrounding communities.
  • Serve as a case study for innovation in the electricity business group, including the development of diversified energy management approaches for the future.
Other benefits
  • Reduce greenhouse gas emissions by 115,000 tons of carbon dioxide equivalent over the 25-year project lifespan, or 4,600 tons of carbon dioxide equivalent per year.
  • Floating Solar reduces reservoir evaporation by more than 30,000 cubic meters per year.
  • Serve as a learning center for renewable energy technology and innovation for the community.
  • Enhance the good relationship between the company and the surrounding community.
  • Support students from SUT university to participate in learning and experimenting with innovation.
Battery Innovation of the Future: G-Cell Battery

In collaboration with 24M Technologies, Inc., a US-based expert specializing in lithium-ion batteries, to research and develop a semi-solid battery known as G-Cell to support commercial expansion. It is distinguished by its long service life, recharging cycles of 1000-10,000 times, and its storage time of up to 350 days, which is 1.2 times longer than conventional lithium batteries. G-Cell can also regulate its own temperature even in a high-temperature environment to reduce the chance of a short circuit within the battery. G-Cell is also lightweight and environmentally friendly as it does not contain any binder, making it easier to recycle and allowing it to be recycled at a lower cost than other types of batteries.

G-Cell can be applied to a wide range of products, both stationary and mobile, through modifications into products such as G-Pack and G-Box. G-Cell is also compatible with future technologies, such as charging station systems, telecommunication systems, and data centers that require stable electric power distribution.

Building upon its success, the company has partnered with Arun Plus Co., Ltd. (ARUN PLUS) to establish Nuovo Plus Co., Ltd. (NUOVO PLUS), a company specifically focused on battery manufacturing and development. This move aims to accelerate battery innovation and meet the needs of emerging markets. In parallel, the company will focus on developing battery applications in various sectors, including electric vehicles (EVs), energy backup systems, energy storage systems for renewable energy sources, and enhancing the reliability and security of power systems for telecommunications and data centers. This aligns with the national policy of driving the automotive and energy storage industries and global trends, as well as supporting PTT Group's ambition to become a leader in the EV industry and transition to a low-carbon society.

Efficiency enhancement benefits
  • 50% reduction in production time and costs
  • 30% reduction in coatings for battery components, making the battery more recyclable
Revenue increase and cost reduction benefits
  • 2,500 million baht in revenue expected from G-Cell based on the production capacity of 1 GWh
  • Target battery production capacity of 5-10 gigawatt hours (GWh) per year in 2030 (2030)
  • Approximately 3,000 baht generated in income per GWh in 2025
  • 23% reduction in import taxes due to reduced ESS imports
Human resource and innovation benefits
  • Employee skill enhancement through research collaboration with international ESS experts
  • Elevation of ESS development in Southeast Asia
Other benefits
  • High-safety batteries with temperature control in the high-temperature environment of Southeast Asia
  • Over 40% reduction in coatings for battery components than usual, making the battery more recyclable, in line with circular economy principles
Other Collaborations in Support of Innovation Research and Development
Innovation and
Management		 Type of Innovation
Collaboration		 Details According
Strategies
Advanced Semi-Solid Battery Technology
National Metal and Materials Technology Center (MTEC)
National Science and Technology Development Agency (NSTDA)
 A collaboration to utilize Thailand’s knowledge and expertise in technology and material science to develop high-efficiency battery prototypes for use as energy storage systems (ESSs), which are vital to the development of GPSC’s electricity and utility businesses
  • S3: S-curve & Batteries
Application and Market Development
PTT Public Company Limited
 A collaboration for testing battery prototypes in products and services, such as electric vehicles (EVs) and charging stations for future
  • S3: S-curve & Batteries
Smart Energy Campus
Suranaree University of Technology
 A collaboration with Suranaree University of Technology to develop a Smart Micro-Grid Energy City model through the use of various technologies, from energy production from renewable energy to energy storage and distribution as well as power trading between private organizations (private PPAs).
  • S3 S-curve & Batteries
  • S4: Shift to Customer-Centric Solutions
Academic Resource Collaboration
Kasetsart University
 A personnel exchange program to bring in individuals with knowledge and expertise from the academic sector to join battery efficiency optimization research and development in order to foster the competitiveness of Thailand’s lithium-ion battery production industry and personnel and address personnel shortage
  • S3: S-curve & Batteries
Battery Manufacturing Process Development
IRPC Public Company Limited
 A collaboration for the development of a low-cost battery manufacturing process that meets standards and takes a short amount of time in order to accommodate future commercialization
  • S3: S-curve & Batteries
Carbon Capture, Storage and Utilization (CCUS) Technology Development
Bio-Circular-Green economy Technology & Engineering Center, Faculty of Engineering, Chulalongkorn University
Thailand Greenhouse Gas Management Organization (Public Organization)
PTT Exploration and Production Public Company Limited
PTT Public Company Limited
Thai Oil Public Company Limited
PTT Global Chemical Public Company Limited
 The establishment of a consortium in collaboration with academic and industrial sectors and government agencies for the development of carbon capture, utilization, and storage (CCUS) technology to advance four objectives:
  • To establish a network of collaboration between academic and industrial sectors and government agencies
  • To respond to public concern over climate change
  • To accelerate CCUS technology development
  • To advance research towards practical applications
  • S2: Scale-up Green energy
Carbon Capture and Storage (CCS) Technology Development
PTT Public Company Limited
PTT Exploration and Production Public Company Limited
PTT Global Chemical Public Company Limited
Thai Oil Public Company Limited
IRPC Public Company Limited
 • A feasibility study on the application of carbon capture and storage (CCS) technology to support the reduction of GHGs from the operations of companies under PTT Group in Rayong and Chonburi, which will then serve as a vital prototype for scaling up to the national level in order to achieve carbon neutrality and net-zero emissions
  • S2: Scale-up Green energy
Research on Battery and Solar Panel Management Across the Value Chain

Given the global trend of a clean energy transition and digital technology utilization, energy storage systems (ESSs) are indispensable in the energy eco-system. However, the increased use of batteries may lead to long-term environmental impacts without proper studies and end-of-life management. As an ESS manufacturer and service provider, GPSC foresees opportunities and approaches to reducing impacts of batteries and has thus planned to conduct research on battery usage efficiency and recycling processes.

Following the successful first phase of the construction of a battery manufacturing plant, GPSC has planned to establish a R&D center with an investment of over 230 million baht on the same property, located in the Eastern Economic Corridor, which is Thailand’s strategic zone for economic development. The R&D center will serve as GPSC’s center for battery research, from production, safety testing, and actual deployment all the way to recycling processes aligned with engineering principles across the value chain in order to foster confidence in GPSC’s leadership in green ESSs.

Research Projects on Solar Panel and Battery Recycling

GPSC is an energy service provider that plays a vital role in supporting Thailand’s goal to promote the widespread use of clean energy in all sectors, especially solar power from solar panels and energy storage systems (ESSs), which feature batteries as components. However, ineffective disposal of solar panels and batteries after their service life can generate a large amount of hazardous waste that creates environmental impacts. Therefore, GPSC has partnered with INSEE Ecocycle, a company with expertise in transforming industrial waste into renewable fuels, and signed a memorandum of understanding (MOU) to initiate a refuse-derived fuel (RDF) power plant development project and a solar panel and battery recycling facility project in order to put solar panels and batteries into the recycling process and produce RDFs, in line with circular economy principles. The projects focus on studying different management approaches for utilizing technology and innovation to maximize resource efficiency in a sustainable way in accordance with the organization’s S3 (S-curve & Batteries) and S4 (Shift to Customer-Centric Solutions) strategies.

GPSC is equipped to develop a recycling system and technique to retrieve valuable metals from expired solar panels and batteries for further use and to produce fuels from non-recyclable scraps so as to mitigate pollution and promote environmental quality. As an expert on sustainable industrial waste and service management, INSEE Ecocycle is ready to leverage its knowledge and personnel to develop new approaches and solutions to enhance waste management efficiency to achieve circularity.

The first phase of the program, lasting three years from 2022 to 2024, focuses primarily on the feasibility of the two projects, which will then lead to the development of a joint investment scheme in the future.

In addition, the company has partnered with PTT, Nuovo Plus, and Total Environmental Solutions Company Limited (TES), global leaders in the e-waste recycling business, to research and develop battery recycling technologies and promote a full-cycle battery business in the future. This includes managing end-of-life batteries and collaborating on the feasibility of using recycling technologies to promote related clean energy businesses for the PTT Group. The goal is to gain a competitive edge by developing new innovations that respond quickly to consumer needs at a lower cost. This will not only strengthen the development of a circular economy but also support Thailand's goal of achieving net-zero greenhouse gas emissions and sustainable growth.

Capturing the Future Sustainability Market

New Business Opportunities
S4: Shift to Customer-Centric Solutions

This strategy refers to services that primarily focus on meeting customer needs in terms of both electricity generation and utility systems, using innovations in primary and alternative power plants and energy storage systems (ESS). The strategy also centers on offering power management services that can maximize power efficiency through the development of platforms that are aligned with customer needs, making it possible to enhance the efficiency of green electricity production both in public and private organizations.

S4 Strategy also strives toward energy management solutions businesses with the goal of providing energy services that meet customer needs across various dimensions, such as cost reduction, reliability enhancement, and financing for commercial and industrial customers. This strategy focuses on distributed generation through solar power plants and ESS as well as on other utilities, such as district cooling systems. The details are as follows:

  • Distributed generation system installation service
    Provision of services for customers seeking to produce renewable energy, such as the installation of solar rooftops, micro-grid systems, and smart grids, and an integration with ESS for commercial and industrial customers either for internal use within the organization or increase the use of renewable energy, reduce costs, and achieve environmental friendliness.
  • District cooling systems
    Provision of expert services for the development, design, and installation of district cooling systems well-suited for user needs, as well as management and maintenance services throughout the term of agreement for commercial and industrial customers looking for cooling systems within their sites of operations.
  • Integrated energy management services
    Provision of integrated smart energy management services through new technologies and innovations in order to efficiently meet the needs of energy users; consultancy services; real-time energy use analysis and inspection; remote control energy management; ESS integration; energy trading platforms, and energy management system connection and enhancement in support of future technologies.
Developing Products and Services for Future Smart Energy Use
GRI 203-1

GPSC prepares for future changes in energy consumption patterns by introducing new technologies and integrating them into products and services. It also seeks new business opportunities and strives to expand its business models towards consumers, covering all forms of energy consumption from upstream to downstream to accommodate and adapt to changes with stability and sustainability, as detailed below.

Upstream
Midstream
Distributed Generation
Energy Storage

Services provided for this group range from the process of design, distribution, procurement, construction, all the way to installation of electric power generation systems in the form of engineering design, procurement and construction (EPC) and turn-key projects that cater to both on-grid and off-grid energy use and smart grid connections.

Midstream
Distributed Generation

This group refers to distributed power generation by small consumers. The services focus on customers wishing to produce energy for internal use within the organization to reduce costs and achieve environmental friendliness, and also include smart grid installation.

Related technology:
  • Solar rooftop (photovoltaic: PV)
  • Floating solar
  • Solar farm
  • Smart grid
  • District cooling system
  • Behind-the-meter energy storage system (BTM ESS)
Energy Storage

Energy storage and generation systems are integrated to optimize energy efficiency for both stationary and mobility applications. Moreover, GPSC sees opportunities to penetrate data center system, telecommunications, and electricity markets both domestically and internationally.

Related technology:
  • Small energy storage system (<100 kwh)
  • Large energy storage system (>100 kwh)
  • Charging station
  • Battery swapping station for electric commercial vehicles
  • System integrator
  • Lead-acid replacement battery
  • Small electric vehicles, such as electric tuk-tuks, electric motorcycles, and electric golf carts
  • Large electric vehicles, such as electric buses
Energy Management

Integrated energy management services are provided through ESS innovations, energy trading platforms, and digital technologies.

Related services:
  • Energy audit
  • Real-time energy monitoring
  • Energy efficiency equipment supply
  • Energy management & solution provider development
  • Implementation of power purchase agreements (PPA) and regulatory certification
  • Remote management of power management systems
  • Integrated smart energy management services via applications
  • Energy trading platform development
  • Other digital technologies, such as system interconnecting and optimization for future technology
Downstream

Services focus on operations and maintenance, covering aftersales services carried out by knowledgeable and experienced experts of GPSC Group, such as:

  • Operation and maintenance of renewable energy production systems, such as solar rooftops
  • Operation and maintenance of district cooling systems
Updated as of February 2024

The content above is based on the sustainability reporting standards of the Global Reporting Initiative (GRI Standards) and externally validated and verified for data accuracy at the "Limited Assurance" level.

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