Evlomo and Rojana invest $1 bil. to set up battery plant in Thailand
BANGKOK, NNA - Evlomo Incorporated has announced plans to set up a major lithium battery plant in Thailand with Rojana Industrial Park Public Co. under a $1.06 billion (about 33 billion baht) joint venture.
The e-mobility company will produce advanced batteries for electric four-wheelers, buses, heavy vehicles, two-wheelers and energy storage solutions for Thailand and overseas markets, said Evlomo in a press release which follows its recent announcement that it will build a DC charging network in Thailand.
In their agreement, Rojana will own 55 percent of the joint venture company while Evlomo will hold 45 percent.
The plant, which will be built in Nong Yai in the eastern province of Chonburi, will have a capacity to produce 8 million kilowatt-hours' worth of battery cells when fully established.
In the first phase, both parties will invest $143 million to set up a plant with a scope for 1 million kilowatt-hours within 18 to 24 months. Groundbreaking is expected to take place this year.
The partners have roped in two experts to use state-of-the-art technology to design and produce the batteries. One of them is Li Qiyong, a former VP of LG Chemicals (Korea) battery research and development, who has more than 20 years of experience in manufacturing lithium-ion batteries.
The statement said the plant will create more than 3,000 new jobs and bring the necessary technology to help Thailand achieve self-reliance in battery manufacturing. This is critical to Thailand's ambition to turn Nong Yai into an EV hub for the country as well as the ASEAN region.
Kanit Sangsubhan, secretary general of Eastern Economic Corridor office, said, “The investment will play the role of vitalizing the EV industry in Thailand. We look forward to Thailand becoming a global hub for R&D, manufacturing and adoption of advanced energy storage and EV technologies in entire South-East Asia.”
Chonburi, Rayong and Chachoengsao provinces make up the Eastern Economic Corridor, which has been developed as a hub for technological manufacturing and services with strong connections to other countries in ASEAN.
Evlomo CEO Nicole Wu expects the collaboration with Rojana to help move forward EV adoption in Thai and ASEAN markets. Its corporate goal is to promote greater zero-emission vehicle adoption by offering an ultrafast and convenient charging network.
Direk Vinichbutr, president of Rojana Industrial Park Public Co., said, "The EV revolution is taking the country by storm, and we are happy to be a part of this change. This association with Evlomo will enable us to deliver globally competitive products."
Rojana is a Thai-Japanese joint venture between Vinichbutr Group and Nippon Steel Trading Corp. (former Nippon Steel and Sumikin Bussan Corp.). The company develops industrial lands and operates industrial parks in Ayutthaya, Rayong and Prachinburi provinces.