GPSC - ARUN PLUS, PTT subsidiary company join hands to launch “NUOVO PLUS” to embark on the EV vehicle battery markets in Thailand and the region, aiming to achieve the production of the gigawatt-hour lithium-ion battery pack. Driven by strengths in battery technology and EV Value Chain, the two organizations combine forces to introduce the battery business development to the market as well as supporting PTT group to move forward as Thailand’s EV industry leader and exploring battery technology and innovation to support downstream industry.

On 28 February, Global Power Synergy Public Company Limited (GPSC) signed the agreement with NUOVO PLUS Company Limited to transfer assets involving production, education, research, and battery business development to NUOVO PLUS. The asset transfer valued at 2,428 million baht due to complete by April aims to support the growth of EV vehicle industry and energy storage system with purpose to produce 5-10 gigawatt-hour (GWh) per year in 2030.

The asset transfer is recognized as the lithium-ion battery business debut plan in preparing personnel resources, technology, capital fund, and EV Value Chain investment expansion knowhow from PTT and GPSC to NUOVO PLUS. Driven to increase competitiveness for production cost based on Economy of Scale, the plan aims to deliver the production of gigawatt-hour pack to regional markets. GPSC will proceed by transferring 24M Technologies’ SemiSolid lithium-ion battery to NUOVO PLUS for commercial production and distribution to the markets.

Mr. Worawat Pitayasiri, President and Chief Executive Officer, Global Power Synergy Public Company Limited (GPSC), the innovative power flagship of PTT Group revealed “The joint venture is established to expand battery business initially operated by GPSC and PTT Group to EV vehicle market, which is recognized as the large and fast-growing sector domestically and internationally. By combining strengths of two companies together, we are moving toward the ecosystem of EV vehicle production to support the vehicle industry development of the future. GPSC is prompted to deliver our expertise in power innovation to collaborate with PTT to drive the EV industry to support the growing EV investment and usage in Thailand in compliance with the government policy. The Energy Storage System (ESS) is the area for development in response to other related industries such as power management and renewable energy to support regional market.”

Dr. Buranin Rattanasombat, Senior Executive Vice President, Innovation and New Ventures Holding, PTT Public Company Limited and Chairman, NUOVO PLUS Company Limited, stated “Thailand is on verge to step forward as the vital global EV and EV parts production base in accordance to the government 30/30 policy which establishes to achieve at least 30% of ZEV production by 2030. The National policy is in line with PTT’s Powering Life with Future Energy and Beyond policy which is operated by NUOVO PLUS, the joint venture between ARUN PLUS and GPSC. The collaboration signifies the merger of innovation, marketing, and supply chain of the entire group in driving EV Value Chain development to cover in all processes from upstream, midstream, to downstream. The EV battery production is the heart of success in creating business coexistence to increase national competitiveness based on technology to lead Thailand to Zero Carbon society where economy grows with sustainability.”

Mr. Prasong Intaranongpai, Executive Vice President, Innovation and New Ventures Holding, PTT Public Company Limited and Director, NUOVO PLUS Company Limited, stated “the agreement signing between NUOVO PLUS and GPSC today indicates the significant mission transfer for PTT to move towards lithium-ion battery territory to support growth in EV industry development in Thailand and the region. GPSC has developed the preliminary battery production with SemiSolid technology and achieve in delivering the product to customers for application development. NUOVO PLUS is responsible for proceeding gigawatt-hour lithium-ion battery production for commercial purpose along with other battery technology development in pilot stage amongst PTT group. NUOVO PLUS aims to expand wider Battery Value Chain coverage into battery module and battery pack businesses as well as opening for new business alliance to build up strength and support EV battery business potential to reach the 5 - 10 gigawatt-hour goal.”

The newly launched joint venture, NUOVO PLUS, will be a manufacturer and distributor of batteries used in electric vehicles and various energy storage systems in order to achieve rapid approach to all customers which can be divided in to 2 main groups including (1) Mobility : EV, E-bike, E-tuktuk, golf cart, small EV, E-bus, E-truck, E-boat (2) Stationary: Energy Storage System (ESS), Uninterruptible Power Supply (UPS), EV Charger System at Service Stations. NUOVO PLUS is also responsible for relevant accessories procurement, providing services, and sales as well as seeking for new technology in response to EV market needs in Thailand and the region.

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