Higher Revenue Brings EA’s 1Q Profit to ฿1.4Bn, EVs Progression in Good Pace!

Energy Absolute Public Company Limited (EA) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

EA reported a net profit of 1,452 million baht, increased 19.93%, compared to a net profit of 1,210 million baht in 1Q19. The increase was mainly due to an increase of 1,672 million baht or 54.17% to 4,761 million baht in the first quarter.

 

According to EA’s investment plan in a 50GWh lithium-ion battery factory, the investment plan comprises 2 phases. Phase I, for the production capacity at 1 GWh/year, currently, the construction for foundation and building has started, after that the machines will be installed and started commissioning which will take approximately 2 months. It is expected that the Phase I real production will be started by the end of 2020 then the investment for the next Phase will follow accordingly to complete the full full scale as planned.

In the meantime, the company has utilized production capacity from Amita Technologies Inc.,in Taiwan, to produce and supply batteries to be used in electric vehicles both for EV Car and electric ferry as per company’s schedule.

 

EA has been working with all business partners to install electric chargers on their areas across the country with modern charging technology, consisting of 2types of chargers including Quick Charger (DC Charge) and Normal Charger (AC Charge) to support the use of every EVs and Hybrid cars models including EA’s Thai EVs, MINE Mobility and Electric Ferry. EA Anywhere application is provided to facilitate our customer to reserve, charge and pay charging service fee.

As of 11 May 2020, installing 385 Stations are completed and 130 stations are in progress. Moreover, the company keeps expanding the EA Anywhere charging network under collaboration with its partners. The progress will be disclosed accordingly.

The Electric Vehicle cars, called “MINE Mobility”, the first Thai EV project is to start commercial launch MINE SPA1, a 5-seats MPV, can speed up to 140 kilometers per hour and it uses a 30kWh lithium-ion battery with a high-safety technology. MINE SPA1 can run at a distance over 200 kilometers per 15 minutes-charges with the fast charging of EA Anywhere that is already available.