Business News

Banpu announces its investment in FOMM Corporation, developer and manufacturer of compact EV from Japan, cementing its position as the one-stop smart energy solutions provider

Date : 11 February 2019 | By : Bluehouse Staff

Banpu Public Company Limited, a leading integrated energy solutions company in Asia-Pacific, announced a strategic investment and signed an agreement to purchase a 21.5% share in FOMM Corporation, developer and manufacturer of Compact EV from Japan. The investment, worth 20 million USD or approximately 635 million THB made through Banpu Infinergy Company Limited, a subsidiary of Banpu Public Company Limited, 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 our energy technology group’s goal in providing smart energy solutions that will help drive Thailand towards its smart city vision.

 

Mrs. Somruedee Chaimongkol, Chief Executive Officer of Banpu Public Company Limited said, “The investment is another strategic move for the Banpu Group to expand its investment to develop a technologically-advanced clean energy business in Asia-Pacific. Electric Vehicle (EV) is one of the energy solutions we have researched on. We believe that it will see a good business growth and serve as an expansion of our investment in an electric vehicle battery manufacturer. Today, we are very pleased to announce our investment in FOMM Corporation. Banpu believes that the collaboration will provide consumers with more energy solutions while also serve to support Thailand in moving forward and developing further to realize its smart city vision in the future. This applies to both the trends of future vehicles and trends of technology where people are adapting their lifestyles to be more environmentally friendly.”

 

Aside from this investment, Banpu Innovation & Ventures or BIV, a new division at Banpu Banpu focused on disruptive technology development via R&D, accelerator, incubator and corporate venture capital initiatives, has secured a collaboration partnership agreement with FOMM. The partnership will focus on R&D and commercialization projects relating to virtual power plants, micro-grids, electric vehicles, EV charging station and batteries. The partnership also ensures that FOMM vehicles will use lithium-ion batteries developed and made by Durapower Technology (Singapore) Pte., Ltd.*, in which Banpu also has a strategic shareholding of 47.68%.

 

“Banpu and its group of companies are devoted to discovering new technologies and investment opportunities under our Greener & Smarter strategy. The goal is to expand our business potential as well as build an ecosystem to ensure strong growth in related businesses, which will lead to the creation of more energy innovations to respond to customers’ needs. It is also the solution to future energy trends and sustainable growth of our business.” Mrs. Somruedee concluded.

 

*Note: formerly New Resources Technology Pte. Ltd.

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About FOMM Corporation
FOMM Corporation, established in 2013, is a leading designer of electric vehicle headquartered in Kawasaki, Japan. FOMM focuses its EV development on compact size vehicle and close-range mobility, hence so-called ‘First One Mile Mobility’ or ‘FOMM’. In addition to being environmental-friendly, FOMM vehicles are designed to be driven in inundated condition, the concept inspired by aftermath of 2011 Tsunami. In Thailand, FOMM (Asia) Company Limited is a Thai-Japanese joint-venture established in 2016 to tailor its existing automotive technology that suitable for the Thai market.