On February 27, SVOLT and Banpu NEXT, a subsidiary of the international energy giant Banpu Group signed a Memorandum of Understanding (hereinafter referred to as the “MOU”). This signing follows the establishment of a joint venture factory between the two parties, aiming to innovate their commercial cooperation models and further deepen their collaboration to maintain the leading position of SVOLT Thailand factory in the Southeast Asian region. The following day, SVOLT Thailand factory officially announced its commencement of production. The inauguration ceremony was attended by representatives from the Ministry of Industry, Thailand Board of Investment, Mr. Sinon Vongkusolkit, CEO of Banpu NEXT, Mr. Yang Hongxin, Chairman and CEO of SVOLT, as well as representatives from Great Wall Motor and Hozon Motor, among others.

According to the MOU, 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 assembly lines for energy storage systems, initiate feasibility studies for localizing battery cell production, expand the scope of their business cooperation, and create a new paradigm for commercial cooperation innovation.

SVOLT Thailand factory adheres to the same automotive-grade battery manufacturing standards advocated by SVOLT, incorporating advanced battery manufacturing technology from China. It utilizes leading technology, processes, and equipment in the power battery industry, with production lines possessing excellent flexibility for rapid switching between different product categories. With the official commencement of production on the 28th, SVOLT Thailand factory achieved local battery supply in Thailand at a lightning speed within just five months from commencement of operations. Currently, the factory's battery packs are being supplied in bulk.

Yang Hongxin stated at the inauguration ceremony that the signing of the MOU will fully leverage the respective strengths of the two parties and drive high-quality development of Thailand's new energy industry. In the future, SVOLT Thailand factory will adopt a global perspective and long-termism, introducing high-quality productivity to Thailand. It will also engage in diversified cooperation with local companies based on the situation of the Southeast Asian lithium battery market, deeply understanding local market dynamics and customer needs to ensure a focus on market demand and industry-advantaged products, providing customers with higher quality localized battery products and services.

As a global energy interconnection technology company, SVOLT has been committed to promoting its international layout and development in the global market since its establishment. SVOLT Thailand factory is an important part of SVOLT’s international layout, established as a joint venture between SVOLT’s subsidiary, SVOLT Energy Technology (Thailand) Co. Ltd., and Banpu NEXT, focusing on various areas including EV batteries, two-three-wheeler batteries, energy storage, recycling, etc. This deepened cooperation will fully leverage SVOLT’s strengths in product technology innovation, globalization strategy, and business diversification, combined with Banpu NEXT’s advantages in energy layout in Southeast Asia and even globally. Through continuous innovation and iteration in technology, manufacturing, and products, it will contribute to Thailand’s new energy market and even global energy transformation.