PTT Public Company Limited (SET: PTT) announced on December 15, 2022, that the board of directors meeting No.13/2565 on November 24, 2022, has approve Nuovo Plus to enter into a joint venture agreement and to establish NV Gotion Company Limited (NV Gotion) a joint venture company with Gotion Singapore Pte. Ltd. (Gotion), the leading Chinese company specializing in power batteries for electric vehicles and energy storage systems, with the registered capital of not exceeding Baht 600 million, in which Nuovo Plus and Gotion hold 51% and 49% of the shares, respectively.
The objectives of the joint venture company are to operate the business of importing, assembling, and distributing battery modules and battery packs for energy storage systems and electric vehicles by combining technology and expertise of those two companies to increase competitiveness in the battery business and also to integrate the supply chain of renewable energy and electric vehicles for Thailand which are in line with PTT Group’s investment strategy in Future Energy.
The company has completed the signing of the joint venture agreement and related agreements on December 15, 2022, that expected to complete by the first quarter of 2023 with the initial capacity of 1,000 megawatt-hours per year and is expected to start of operation by the fourth quarter of 2023 and scale up to 2,000 megawatts-hours per year by 2025.
