Thai and Singaporean firms form JV to produce batteries for electric vehicles
Nuovo Plus, a joint venture between Arun Plus and Global Power Synergy Plc, is forming a joint venture with Gotion Singapore to build a battery plant to supply electric vehicles and energy storage systems, the company announced.
The joint venture, NV Gotion, will have authorised capital of almost 600 million baht, with 51% from Nuovo Plus and 49% from Gotion, Nuovo Plus said in a press release.
NV Gotion will import components, and assemble and distribute battery modules and packs for energy storage systems and electric vehicles, the press release said. Its initial production capacity will be 1 GWh a year, which will double to 2 GWh per year by 2025.
Nuovo Plus is a joint venture between Arun Plus and Global Power Synergy.
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 the future energy business of PTT Group's strategy.
NV Gotion will be capable of providing industrial sectors with one-stop service and 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 competitiveness through innovation and technology could ensure Thailand's Net Zero goal.
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," Li said.
