On February 27, SVOLT further strengthened its cooperation with Banpu NEXT, a subsidiary of the international energy giant Banpu Group, by signing a Strategic Cooperation Agreement (hereinafter referred to as the "Agreement"). This signing follows the establishment of a joint venture factory between the two parties, aiming to further deepen their localized cooperation and deployment in the fields of energy storage, battery cells, and recycling. The goal is to maintain SVOLT Thailand factory's leading advantages in the lithium battery industry covering Thailand, Southeast Asia and other countries or regions. Representatives from both parties, including Mr. Yang Hongxin, Chairman and CEO of SVOLT, Mr. Zhang Feng, Vice President of SVOLT, and Mr. Sinon Vongkusolkit, CEO of Banpu NEXT, attended the signing ceremony.

According to the Agreement, building upon the foundation of deep mutual trust and mutually beneficial cooperation established previously, the two parties will serve as strategic partners in the Asia-Pacific region for lithium battery assembly, energy storage system assembly, battery cell production, and related businesses. They will continue to deepen their collaboration to meet local market demands and policy requirements. Additionally, they will jointly establish an energy storage system assembly business (“ESS Project”), and cooperate in developing and studying the feasibility of establishing the ESS Production Plant in Thailand. The production line will be upgraded from EV Pack to ESS Pack. Furthermore, they will initiate feasibility studies for localizing battery cell production and start to set up a Project Team (Cell Project Team), responsible for the feasibility study on localized production of battery cells to meet Thailand's policy requirements and prepare for localized battery production in Thailand starting from 2026. Finally, they will expand the scope of their business cooperation (“Cell Project”), fully share resources, and proactively develop energy storage system projects to expand the collaboration area, extending the market from Thailand to ASEAN, Japan, Australia, and North America. 

Mr. Yang Hongxin expressed his gratitude for the Thai government and Banpu NEXT for their strong support and assistance in SVOLT's development in Thailand. He stated that the signing of the Agreement is the result of the joint efforts of both teams and will help to fully leverage their respective advantages, promoting the high-quality development of Thailand's new energy industry. He believes that this new business cooperation model between SVOLT and Banpu NEXT will help SVOLT better introduce advanced power battery technology and products into the Thai market, promoting the development of the local new energy market, assisting Thailand in becoming a global automotive manufacturing center, ultimately benefiting local Thai companies and consumers.

As a global energy interconnection technology company, SVOLT has been actively expanding its presence in Southeast Asia for some time. In the past year, it has collaborated with Banpu NEXT on a series of projects. In July 2023, SVOLT Thailand factory officially began construction; in October, Banpu NEXT acquired a stake in SVOLT Thailand; in November, leaders from the Thai Ministry of Energy, Ministry of Finance, Ministry of Natural Resources , and the Thai Automotive Industry Association visited SVOLT for an inspection. And in December, the first battery pack from the joint venture factory between SVOLT Thailand and Banpu NEXT was successfully produced. Through this deepened cooperation and relying on their respective advantages in product technology innovation, globalization strategies, and business diversification, SVOLT and Banpu NEXT will leverage their existing product technology innovation advantages and business innovation models to strengthen cooperation with local companies, continuously innovate and iterate in technology, manufacturing, and products, contributing to the Thai new energy market and global energy transition.