Energy Absolute sees a revenue soar due to EV demand and battery sales

The Stock Exchange of Thailand (SET)-listed renewable energy and electric vehicle (EV) developer and operator, Energy Absolute (EA), is set to record a significant surge in its total revenue. This year’s revenue is projected to exceed 41 billion baht, a substantial leap from last year’s 27.5 billion baht. This surge can be attributed to the burgeoning demand for commercial EVs and batteries.

In the first half of this year, EV and battery sales contributed a significant 25%, or 10.4 billion baht, to the total revenue. This is a sharp rise from the previous year’s corresponding period, where sales were valued at a modest 472 million baht.

Between January and June this year, Energy Absolute witnessed a 24% increase in EV sales, with sales volume reaching 1,445 units, as opposed to last year’s 1,160 units during the same period. Vasu Klomkliang, EA’s executive vice president for strategy development and investment planning, attributed this growth to an increase in battery production and EVs. Moreover, higher earnings in the company’s power and renewable fuel businesses also played a role.

Energy Absolute plans to ramp up its battery production capacity at its Chachoengsao factory from 1 gigawatt-hour to 4 gigawatt-hours within the fourth quarter of next year. The company’s commercial EV plant, also situated in the same province, boasts a production capacity of 9,000 cars annually. Currently, the number of EVs for commercial purposes in the country is approximately 1.4 million units, with roughly 75,000 to 82,000 units added annually.

Vasu reported that high oil prices have caused transport operators to shift to EVs. This is our business opportunity.”

EA has been quick to invest in the EV industry, aiming to stand toe-to-toe with foreign EV makers in the domestic market, while also increasing familiarity with its brands among motorists, reported Bangkok Post.

EA’s portfolio includes electric boats under the Mine Smart Ferry brand, electric buses under the Mine Bus brand, electric trucks under the Mine Truck brand, and electric mini-trucks under the Mine Mini Truck brand.

EA earmarked 11 billion baht to support its ventures this year. About 63% of this budget will go towards enhancing its battery production capacity to establish what it refers to as a “gigafactory.”

In the biodiesel segment, EA augmented its revenue by adding value to its biodiesel products. These have been creatively repurposed into novel building materials used as wall coverings. These innovative materials can maintain a room’s temperature at a specific level.

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