Global Power Synergy Public Company Limited (GPSC), a leading entity within the PTT Group, has proactively embarked on efforts to accelerate the advancement of battery technology for future applications. This strategic undertaking is designed to not only ensure sustainable returns over the long term but also to remain abreast of the latest developments in battery technology. Moreover, the company is keen on bolstering its capabilities to propel the growth of the clean energy sector, in response to the expanding manufacturing industry and the global electric vehicle market.
In a recent announcement, Mr. Worawat Pitayasiri, President and Chief Executive Officer of GPSC, disclosed that the company’s joint venture, Nuovo Plus Company Limited (Nuovo Plus), has entered into a business transfer agreement with 24M Technologies, Inc. (24M) of the United States. This strategic move aims to restructure the battery business and expedite the scaling of its commercial production capabilities. Furthermore, it seeks to consolidate the technology development for the energy storage unit factory and enhance preparedness in terms of personnel, resources, and expertise. As part of this restructuring, Nuovo Plus will acquire shares in 24M, with a focus on optimizing asset management and factory utilization.
Additionally, 24M will focus on the research and development of its LiForeverTM and ETOPTM technologies, which are poised to deliver attractive returns for shareholders and licensees through the successful deployment of various products in the future. The 24M Liforever technology, centered on the environmentally friendly recycling of LFP batteries, and the 24M ETOP technology, aimed at significantly enhancing the energy density efficiency in battery packs, are pivotal aspects of this strategic direction.
According to Mr. Naoki Ota, President and CEO of 24M Technologies, Inc., the acquisition of the Nuovo Plus facility in Rayong by 24M Technologies (Thailand) is set to fortify the collaboration with Nuovo Plus, GPSC, and the entire PTT group. The Rayong facility will serve as an ideal site to pilot advanced technologies, including 24M ETOPTM and 24M LiForeverTM, thereby paving the way for the construction and operation of a Giga Factory to fully commercialize these significant technologies.
The recent advancements in battery technology accentuate the need to expedite research and development to support the burgeoning demand for clean energy. This encompasses finding solutions for battery usage across various scales. GPSC’s investment in 24M Technologies is anticipated to afford the company a strategic advantage in the adoption of new technologies in the future, which can be synergistically integrated into its business strategies. Ultimately, this strategic restructuring is projected to position GPSC as a frontrunner in the clean energy sector, whilst fostering stability in the production and distribution framework.
In conclusion, GPSC’s collaboration with 24M Technologies signifies a momentous stride in the progression of battery technology. The emphasis on sustainable energy solutions and the advancement of pioneering technologies are poised to significantly contribute to the company’s enduring success in the clean energy industry.