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Energy Absolute Plans to Spend Almost $60M to Ramp Up Ultra-Fast EV Charging Facilities

A renewable energy developer and operator, Energy Absolute Plc (EA), has announced plans of spending $60 million in order to ramp up its ultra-fast EV charging facilities. The expansion aims to supply large public transport vehicles spreading across Bangkok.

EA Plans to Ramp Up Investments in EV Industry Through Direct Current Chargers

According to the story by Bangkok Post, the investment by EA comes after the company signed a memorandum of understanding between the Metropolitan Electric Authority (MEA), the state’s official power distribution arm. The memorandum of understanding also included the participation of JRW Utility, which is an electrical engineering and ICT service provider.

The expansion aims to address the growing EV industry while the prices of oil fluctuate around the world. Per Somphote Ahunai, an EA chief executive, the company itself plans to increase its 1,900 direct current (DC) chargers under its EA Anywhere brand by another thousand.

Ultra-Fast Charging Systems Cut Charging Time to Just 15 Mins for 80% of Battery

To assist EA, JRW Utility will be helping with the development of basic infrastructure while MEA will be supplying the charging facilities with sufficient and stable electricity. In addition, the ultra-fast system cuts the charging time to just 15 minutes in order to reach 80% of the battery’s capacity.

The deployable technology aims to serve public transportations like vans, buses, and ferries. To add, ultra-fast charging is critical in this field due to the vehicles not having the luxury of time to charge their vehicles.

JRW Utility in Line with State’s Initiativeto Reduce Carbon Dioxide Through Clean Energy Adaption

Jarun Wiwatjesadawut, the chief executive of JRW Utility, stated that the development of the EV charging facility is in line with the EV promotion policy of the state. The promotion policy is the state’s initiative to reduce carbon dioxide emissions by adapting clean energy.

EA teamed up with Family Transport Co, a public boat operator, to conduct feasibility studies regarding the shift towards using a “battery-powered boat service.”

The Family Transport Co is responsible for transportation between the Saen Saep canal and the Phan Fa Bridge.

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Other EV-Related Expansions by EA

Among other EV-related expansions, EA also bought out Smart Bus Co, a bus operator, through the company’s E Transport Holding company. Smart Bus currently holds a 1,200 fleet of buses while covering 37 Bangkok routes.

As of November 2020, EA also had its own public transport service providing commercial electric boats for commuters that take the Chao Phraya River. In December of last year, the company also opened a battery manufacturing plant in Chachoengsao focused on lithium-ion batteries.

The Chachoengsao manufacturing plant is estimated to produce 4,160 buses during its first phase with a one gigawatt-hour capacity per year. EA’s battery production came once the company took over a local energy storage manufacturer called Amita Technologies Inc.

According to  Yahoo Finance, the company currently has a market cap of 367.405 billion or about $11 billion USD.

Related Article: Copper Labs Raises $5.5M in Series A Funding to Help Utilities Take Control of Energy Demand and Accelerate Grid Modernization

This article is owned by Tech Times

Written by Urian B.

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