Shanghai (ZXZC)- On February 27, SVOLT Energy Technology Co., Ltd. ("SVOLT") and Banpu NEXT, a subsidiary of the international energy giant Banpu Group, solidified their partnership by signing a strategic cooperation agreement.

This agreement marks a significant step forward from the establishment of their joint venture, introducing an innovative business collaboration model. It is set to further intensify the two companies' localized cooperation and layout in the areas of energy storage, battery cells, and recycling, and help SVOLT's Thailand factory sustain its leading position in the lithium battery industry across Thailand, and other countries and regions in Southeast Asia.

Photo credit: SVOLT

Built upon a foundation of deep mutual trust and reciprocal collaboration, as outlined in the agreement, the two companies are set to become strategic partners in the Asia-Pacific region for lithium battery assembly, energy storage system assembly, battery cell production, and related businesses. They will work collaboratively to meet local market demands and policy requirements. The agreement includes plans to establish an energy storage system assembly line (the ESS project) and conduct R&D on a Thailand-based energy storage system assembly plant. The goal is to upgrade the production line from EV Packs to ESS Packs.

In addition, feasibility studies for localized battery cell production will be initiated to align with Thailand's policy requirements, preparing for localized battery production starting in 2026.

In the future, the collaboration scope will expand to include the "Battery Cell project," fostering comprehensive resource sharing. Both parties will actively develop energy storage system projects, aiming to broaden the cooperation region from Thailand to the ASEAN region, Japan, Australia, and North America.

SVOLT has been actively expanding into the Southeast Asian market, with a series of collaborations initiated with Banpu NEXT last year. In July 2023, the duo officially began the construction of SVOLT's Thailand battery factory. In October, Banpu NEXT acquired a stake in SVOLT Energy Technology (Thailand) Co., Ltd. In December of the same year, the joint venture's first battery pack rolled off the production line.