Shanghai (ZXZC)- On Dec. 15, Gotion High-Tech inked an agreement with Nuovo Plus, a subsidiary of Thailand-based PPT Group, to set up a joint venture for the production of battery modules and packs, the Chinese battery maker announced via its WeChat account.

Named Thailand NV Gotion Co., Ltd. (to be determined, "NV Gotion" for short), the new joint venture will focus on the design, development, manufacturing, sales, and export of battery modules and pack products. Through the joint venture, the two parent companies will jointly explore the ASEAN (the Association of Southeast Asian Nations) new energy market and build a battery export base in ASEAN.

Photo credit: Gotion High-Tech

As the largest state-owned energy and petrochemical company in Thailand, PPT Group expects the cooperation with Gotion High-Tech to help the country realize full electrification and net zero emissions by 2025.

Under the agreement, Gotion Singapore PTE. Ltd. entered into a strategic cooperation agreement with Nuovo Plus to jointly build NV Gotion in the Eastern Economic Corridor (EEC) of Thailand. The joint venture features a business scope that includes the design, development, validation and manufacturing of battery modules and battery packs, as well as battery management systems for a variety of vehicles and energy storage systems.

NV Gotion plans to build a power battery pack assembly line, whose first phase is expected to start production and provide high-quality battery products to the market by the fourth quarter of 2023.

"NV Gotion wil play an important role in conducting battery business, improving applications of renewable energy sources, and supporting EV supply chain in Thailand,” said Dr. Buranin Rattanasombat, Chief New Business and Infrastructure Officer of PTT Public Company Limited and Chairman of the Board of Nuovo Plus. NV Gotion will be capable of providing industrial sectors with one-stop service as well as international standard batteries not only in Thailand but across the ASEAN by combining the knowledge of Nuovo Plus and Gotion High-Tech in the fields of R&D, competitive production potential, and technical service from experts, he added.