December 15th, 2022 - Nuovo Plus Company Limited (Nuovo Plus), a joint venture between Arun Plus Company Limited (Arun Plus) and Global Power Synergy Public Company Limited (GPSC), has reached an agreement with Gotion Singapore Pte. Ltd. (Gotion), a company in the group of Gotion High-tech Co. Ltd., to form NV Gotion Co., Ltd. (NV Gotion), a joint venture with an authorized capital almost 600 million baht 51% from Nuovo Plus and 49% from Gotion. NV Gotion plans to conduct the business of importing, assembling, and distributing battery modules, battery packs for energy storage systems, and electric vehicles (EV). An initial capacity of production will be 1 GWh/yr and expanded to 2 GWh/yr by 2025.

Dr. Buranin Rattanasombat, Chief New Business and Infrastructure Officer, PTT Public Company Limited and Chairman of the Board of Nuovo Plus Company Limited revealed that creating an ecosystem of renewable energy and electric vehicle depends primarily on the production of batteries for energy storage and electric vehicles (EV). This joint venture establishes NV Gotion company which specializes in the energy storage and EV Value Chain — upstream to downstream — in accordance with future energy business of PTT Group's strategy. NV Gotion will be capable of providing industrial sectors with one-stop service as well as international standard batteries not only in Thailand but across ASEAN by combining the knowledge of Nuovo Plus and Gotion in the fields of research and development (R&D), competitive production potential, technical service from experts. Thus, NV Gotion is going to construct a 2 GWh battery plant in the Eastern Economic Corridor (EEC). By the fourth quarter of 2023, the plant plans to develop and provide high-quality lithium-ion batteries to the market so that boosting the competitiveness through innovation and technology could ensure Thailand’s Net Zero goal.

Mr. Li Zhen, Chairman of Gotion High-tech Co., Ltd. highlighted the significance of the joint venture with PTT and expectations for the future. Gotion believes that the cooperation will aid in the company’s international growth and accelerate the new energy development of PTT Group. Resulting in win-win situation and laying a solid foundation for further collaboration in the future. The quality of products is the key to the joint venture’s success. It is intended that both parties can leverage their respective strengths, and make their advantages complement one another. To advance product technology, enhance the functionality of products, and enhance services, thus, we must collaborate. Promoting application is the soul of the development of the joint venture. In order to help Thailand’s automotive industry become more globally competitive, NV Gotion will support the Thai government to create a green economy and transform Thai automobiles. Gotion High-tech and PTT Group, with NV Gotion as the platform, will make the most of the first-class technology, high-quality products, and advanced management to support the success of electric vehicles equipped with NV Gotion batteries in Southeast Asia and beyond.

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