The listed firm’s investment, worth US$20 million (Bt626 million) and made through Banpu Infinergy, a subsidiary, reflects Banpu Group’s mission to operate its total smart-energy solutions business with an emphasis on sustainable growth under the “Greener & Smart” strategy.

The investment also aligns with its energy technology group’s goal in providing smart energy solutions that will help drive Thailand towards its smart-city vision, Banpu chief executive officer Somruedee Chaimongkol said.

Aside from the investment in FOMM, Banpu Innovation & Ventures – a new division at Banpu – which is focused on disruptive technology development via research and development, accelerator, incubator and corporate venture-capital initiatives, has secured a collaboration partnership agreement with the Japanese EV manufacturer, she said.

The partnership will focus on R&D and commercialisation projects relating to virtual power plants, micro-grids, EVs, EV charging station and batteries.

The partnership also ensures that FOMM vehicles will use lithium-ion batteries developed and made by Durapower Technology (Singapore), in which Banpu also has a strategic shareholding of 47.68 per cent, the CEO added.