EV Vehicle

Banpu Public Company Limited (BANPU) has informed that its subsidiary Banpu Infinergy Company Limited (BPIN) has signed an agreement to invest $20 million (approximately ฿635 million) in FOMM Corporation (FOMM), Japan’s leading compact electric vehicle (EV) developer, via subscription to new shares. This strategic investment, equivalent to a 21.50% shareholding in FOMM, represents a further expansion of BPIN’s engagement with cutting-edge clean energy businesses throughout the Asia-Pacific region. FOMM has become the leading compact EV developer in Japan focused on close-range mobility and safety. FOMM has recently expanded its business including design, assembly, quality assurance and distribution to Southeast Asia and Europe. 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 conditions, the concept inspired by the 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. In addition to the BPIN investment, Banpu Innovation & Ventures (BIV), a new division at 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 stations 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%.