Singapore’s Durapower Partners Banpu NEXT and Cherdchai Motors to Capture EV Market Share in APAC

Article By : Durapower Holdings Pte Ltd

Durapower has signed an MOU with Banpu NEXT and Cherdchai Motors to capture opportunities in the electric vehicle market in Thailand.

Durapower Holdings Pte Ltd has signed a memorandum of understanding (MOU) with Banpu NEXT Co. Ltd and Cherdchai Motors Sales Co. Ltd, the largest bus manufacturing company in Thailand, to capture opportunities in the electric vehicle (EV) market in Thailand.

Durapower’s subsidiary, Durapower Technology (Thailand) Co. Ltd, Banpu NEXT, and Cherdchai will form a joint venture company to establish a battery assembly plant in the Nakhon Ratchasima Province of Thailand. It will engage 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 EVs.

With the advanced technology and production support from Durapower, battery systems from this plant will boast high storage capacities to provide maximum discharge time and driving range in addition to fast-charging, lightweight designs, and high safety standards. The plant plans to expand to 1GWh by 2026 to support export to Asia-Pacific markets.

“Choosing the right partners is an important facet for a quick and successful market entry. 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,” said Kelvin Lim, Chief Executive Officer of Durapower Group.

Signing of a Memorandum of Understanding between Durapower Holdings Pte Ltd, a global leader in performance lithium battery storage solutions, Banpu NEXT Co. Ltd, a leading Smart Energy Solutions provider in Asia-Pacific, and Cherdchai Motors Sales Co. Ltd, the largest bus manufacturing company in Thailand, to capture opportunities in the electric vehicle market in Thailand. From left to right: Suwit Pruckwattananon, Senior Vice President – Business Development, Banpu NEXT; James Rama Phataminviphas, Group Senior Vice President – Energy Technology, Banpu NEXT; Sinon Vongkusolkit, Chief Executive Officer, Banpu NEXT; His Excellency Kevin Cheok, Ambassador of the Republic of Singapore to Thailand; Kelvin Lim, Group Chief Executive Officer, Durapower Group; Dr. Assanee Cherdchai, Chief Executive Officer, Cherdchai Motors Sales; Lina Lee, Executive Director, Durapower Group; Adisorn Cherdchai, Managing Director of Acreative Co. Ltd of Cherdchai Group.

The collaboration will be well positioned to capture the rapidly growing opportunities for electrification in Thailand. EVs in particular, have been a game-changer, gaining increasing interest in Thailand as its transportation industry transforms with the global push towards decarbonisation. Thailand has also developed a favourably evolving policy environment. Incentives and grants provide the right impetus for the EV market and accelerate the development of EV production and its related value chain. The Asia-Pacific electric bus market stood at around $40 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.52% to reach $84 billion by 2027.

Thailand’s EV market is on an uptrend. Combined with surging fuel prices and the rise of environmental sustainability as a mega trend, we decided to form a strategic partnership with Banpu NEXT and Durapower to tap into the electric-bus (e-bus) market, build sustainable growth and expand our customer base through business diversification. Under this joint venture, Cherdchai will expand our 64 years of engineering expertise in bus assembly with addition of lithium-ion battery technology from our partners to manufacture e-buses for our own fleets and our customers, including government agencies and bus companies. Customers will have peace of mind from our reliable after-sales service and can look forward to our upcoming plan to set up charging stations around the country,” said Dr. Assanee Cherdchai, Chief Executive Officer of Cherdchai Motors Sales.

“Banpu NEXT drives businesses towards the future of sustainable energy in alignment with our ‘Greener & Smarter’ strategy. This partnership will strengthen our business ecosystem and support expansion of three businesses in our portfolio: Battery, e-Mobility and Smart Energy Solutions. 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,” said Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT. “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. This joint venture will contribute to the growth of EV adoption in Thailand, in line with the government’s policy to support EV production, promote zero-emission vehicles (ZEVs), assist the automotive industry’s transition to future mobility trend, and drive the country’s evolution into a low-carbon society.”


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