GAC Energy, PowerVault Partner to Boost Green Energy in Southeast Asia

PowerVault, the leading renewable energy company in Thailand, has signed an ecological cooperation agreement with GAC Energy Technology (Thailand) Co., Ltd. in Bangkok, which constitutes a great leap forward in speeding up clean energy transition in Southeast Asia. The objective of this collaboration is to co-develop integrated energy solutions focusing on solar, storage, and electric vehicle (EV) charging infrastructure.

The partnership reinforces the commitment of both companies to Thailand's national energy goals, which include a target of 70% renewables by 2050 and 50% NEVs by 2035. Moreover, the two companies stand ready to play a very significant role in transforming the face of renewable energy in the region through innovation, investment, and ecosystem development.

Under clean energy technology rollout in Thailand, GAC Energy, a key arm of China's GAC Group under the NEV strategy, leads overseas expansion for the group. Currently, the company has 27 EV charging stations across the country and expects to add 52 by 2025. By 2027, a wider rollout would be 200 supercharging sites scattered across 100 cities of the country.

GAC plans to set up, by mid-2025, the first multi-tiered servicing center for EV batteries in Thailand. This marks an evolution milestone as it has a lot of infrastructure. The center is in Bangkok and will lay the foundation used to create a solid regional after-sales network by offering the most advanced forms of battery repair at cell, module, and pack levels.

Renowned for its proficiency in solar and smart grid integration, PowerVault will provide its knowledge of energy storage and distributed energy solutions. Through Sino Power Co., Ltd., a joint venture with the publicly traded Thai company STP&I Public Company Limited, the company is also engaged in project development, with a particular emphasis on Power Purchase Agreements (PPA).