SET-listed Energy Absolute (EA), a renewable energy and electric vehicle (EV) developer and operator, is preparing to launch battery-run trucks in the second half of this year as it shifts its EV business into top gear.
Last year EA launched electric buses following the debut of its electric boats in 2020, which paved the way for the company's operation of a fleet of 23 boats serving passengers on a route between Nonthaburi and Bangkok.
EA is conducting a marketing study as part of a plan to produce electric trucks.
The diversification into EV technology is required to maintain the company's momentum because the adder tariff granted to the company's solar and wind farms will start to expire this year, said Vasu Klomkliang, EA senior vice-president for strategy development and investment planning.
The company's solar and wind farms have combined generation capacity of 664 megawatts.
The adder tariff, which was introduced by the government to promote renewable energy development, is added to the electricity rate, allowing a company to sell electricity to the state grid at a higher price for a period of 10 years after the operation date.
"The EV supply chain will be our new source of revenue once the good old days for the clean energy business come to pass," said Mr Vasu.
EA asked the government to build more infrastructure for commercial EVs, notably buses, boats and trucks, as part of the efforts to reduce carbon dioxide emissions in Thailand.
These vehicles have large bodies that require a huge amount of diesel to power their internal combustion engines.
EA operates electric bus assembly and sales through its subsidiary Absolute Assembly Co, with production capacity of 8,000 units annually.
The assembly facility, based in Chachoengsao, is adjacent to EA's lithium-ion battery manufacturing plant, which has a production capacity of 1 gigawatt-hour per year.
EA plans to increase the capacity to 4 gigawatt-hours per year in 2023.
This year, the company expects revenue to grow by 20% thanks to the delivery of nearly 2,000 battery-run buses to an operator in Bangkok.
The growth is similar to the rate recorded in 2021 when earnings increased by 19.5% to 20.5 billion baht from 17.2 billion in 2020.
"This year we should see the results of our investments and efforts in the EV industry," said Mr Vasu.
EA started its business as a biodiesel producer before venturing into clean energy development in 2012 and the EV business in 2016.
After investing in Taiwan-based Amita Technologies Inc, an energy storage and battery maker, and becoming its largest shareholder, EA developed battery and EV assembly facilities at the Chachoengsao Industrial Estate.
The company continues to improve the operations of its six electricity generation facilities.
EA spent 2.8 billion baht installing new solar panels at an 8MW facility in Lop Buri and a 90MW facility in Nakhon Sawan to increase its power output by 10-15%, according to asset analysts.
The company is also preparing to embark on a waste-to-energy power plant development project after being given permission to run the plant at Koh Lan in Chon Buri.
