Durapower Holdings Pte Ltd has recently inked a Memorandum of Understanding (MOU) with leading Smart Energy Solutions provider in Asia-Pacific, Banpu NEXT Co. Ltd, and Cherdchai Motors Sales Company Limited, the largest bus manufacturing company in Thailand. The partnership will see this global leader in performance lithium battery storage solutions capture opportunities in the electric vehicle ("EV") market in Thailand.
Through Durapower's subsidiary, Durapower Technology (Thailand) Co., Ltd, the three parties will form a joint venture company to establish a battery assembly plant in the Nakhon Ratchasima Province of Thailand.
Kelvin Lim, Chief Executive Officer of Durapower Group, ascertained that choosing the right partners is an important facet for a quick and successful market entry, stating, “We need established Thai partners with both the right experience and track record to go to market quickly, and also the right networks to help open up the Thai market for us."
"Naturally, Banpu NEXT and Cherdchai were the ideal choices, and we are excited to see how we can collaborate closely to capture the growing demand for electrification in Thailand".
The company will be engaged in the assembly of battery systems, whereby Durapower will supply battery cells and modules, as well as related parts and components to the company, and license its technology to the company for the assembly of battery systems for various market segments, including Energy Storage Systems ("ESS"), marine applications, passenger cars, 2 and 3 wheelers, and heavy commercial electric vehicles ("EVs").
“This partnership will strengthen our business ecosystem and support expansion of three businesses in our portfolio: Battery, e-Mobility and Smart Energy Solutions,” added Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT.
“Banpu NEXT will explore opportunities to integrate these battery systems in our Smart Energy Solutions and development of Mobility-as-a-Service (MaaS) business model for buses and fleet management. Moreover, we will explore future opportunities to introduce these battery systems to other market segments, such as energy storage for solar power system and EV charging station, as well as to expand the battery business to overseas markets.”