Energy Absolute lays out clean energy expansion plan
Sustainable power giant unveils strategy after shares drop 4%
Energy Absolute Plc (EA) on Tuesday announced a strategy to expand its clean energy business. The move aims to strengthen the company’s foundation, diversify investment for strong cash flow, and restore investor confidence after shares fell around 4% last month.
The drop followed a 10% plunge in the shares of Nex Point, in which EA holds a 33.14% stake, amid negative views of the electric vehicle (EV) maker’s first-quarter performance and rumours of a dispute between the two firms.
EA CEO Somphote Ahunai on Monday assured investors that the company can meet the 1.5-billion-baht debenture payment due in August. He noted that the debentures maintain a BBB+ by Tris Rating.
Addressing the rapid drop in battery prices, Somphote said EA and partners are working on production improvements and are close to achieving competitive manufacturing cost.
Somphote emphasised EA’s commitment to expansion in line with global clean energy megatrends, focusing on increasing investments in battery and EV manufacturing, and clean power plants in Thailand and overseas.
“We have increased our stake in the 9.9-megawatts waste-to-energy power plant in Phuket, which is expected to come online in 2026, and joined a five-year public-private partnership for a waste management centre on Ko Lan, Chonburi province,” he said.
The CEO added that EA has partnered with Airports of Thailand and Bangkok Aviation Fuel Services Plc to establish a factory to produce sustainable aviation fuel (SAF) from used cooking oil.
“This is an important step for EA into the business of sustainable aviation fuel. The factory is expected to become operational in the third quarter this year with a capacity of 100,000 litres per day."
Regarding the public EV business, Somphote expressed confidence that EA subsidiary Thai Smile Bus would break even next year after adding 2,000 EV buses to the fleet and achieving the milestone of an average 350,000 passengers per day.
For overseas expansion, EA has partnered with the Laos government to set up a holding company to sell hydroelectricity from the neighbouring country. From next year, the $200-million company will sell 3,000 MW of power from the country’s total capacity of 7,000 MW, said Somphote.
He revealed EA is also investing in China under a partnership with CRRC Dalian, which manufactures electric trains and large commercial EVs.
“Under this partnership, we have registered a patent for ultra-fast charging stations for EV, which has been installed at over 2,000 locations across the country.”
