PTT and GPSC Sells Energy Storage Production Plant to Hold Stakes in ‘24M Technologies’

PTT announced that its subsidiary has entered into a business transfer agreement to divest energy storage production plant to 24M Technologies Inc. to hold an equivalent shareholding at the same amount of the transaction it expected to receive from the sale.

PTT Public Company Limited (SET: PTT) has announced that on 30 January 2024, Nuovo Plus Co., Ltd. (Nuovo Plus) (a subsidiary which PTT holds 51% and Global Power Synergy Public Company Limited (SET: GPSC) holds 49%), signed a Business Transfer Agreement with 24M Technologies, Inc. (24M) and 24M Technologies (Thailand) Limited. The agreement entails: 1) The assets sales with total value of USD 51.08 million to 24M Technologies (Thailand) Limited. The asset sales include an energy storage production plant with 30 MWh per year capacity, R&D Center, machinery, and related assets. All of which are located at Map Ta Phut industrial estate, Rayong province; and 2) The purchase of 24M preferred stocks with total value not exceeding USD 51.08 million.


24M Technologies Inc. offers a manufacturing process that accelerates production of lithium-ion batteries while lowering the costs of existing and next-generation cell technology for electric mobility, aerospace, stationary power and lead-acid replacement opportunities.