GPSC Launches Plan to Accelerate the Development of Battery Technology with 24M Technologies

GPSC has proactively geared up its plan to develop battery technology for future, focusing on handsome returns in the long term while keeping up with changes in battery technology and enhancing its potential to drive clean energy business with an attempt to deal with the growth of the manufacturing sector and the electric vehicle industry around the world.

Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that Nuovo Plus Company Limited (Nuovo Plus), a joint venture between Arun Plus Company Limited (Arun Plus) and GPSC, has signed a business transfer agreement with 24M Technologies, lnc. (24M), USA in January 2024. The agreement will restructure the battery business and more rapidly scale its commercial production capabilities by centralizing technology development for its energy storage unit factory and enhancing the preparedness in terms of personnel, resources, and expertise. As a part of the restructuring, Nuovo Plus will acquire shares in 24M, and the restructuring of the battery business this time is designated to enhance the efficiency of asset management as well as the utilization of our factory.

In addition, 24M intends to focus on research and development of its LiForeverTM and ETOPTM technologies. We have an intention to create good returns for the shareholders and the licensees through the successful deployment of more diverse products in the future, such as 24M Liforever technology, the process of recycling LFP batteries in an environmentally friendly way, and 24M ETOP technology that can significantly improve the efficiency of energy density in battery packs. This is considered another important step in investment for the sustainable clean energy industry of GPSC, with an aim to manage technologies as efficiently as possible through the operation of 24M, the owner of such technologies. Accordingly, it is expected that there will be more flexibility for testing and experimenting on the prototype technologies developed at this factory so that they are able to be put in commercial marketing quickly.

“The acquisition of the Nuovo Plus facility in Rayong by 24M Technologies (Thailand) will strengthen our partnership with Nuovo Plus, GPSC and the entire PTT group,” commented Mr. Naoki Ota, President and CEO of 24M Technologies, Inc. “The Rayong facility is the ideal place to pilot our advanced technologies, including 24M ETOPTM and 24M LiForeverTM. As we fully demonstrate these technologies in a production setting, we look forward to working with our business partner to build and operate a Giga Factory to fully commercialize these important technologies.”

The recent development of battery technology places an emphasis on the acceleration of research and development in such a way that it can support the rapid growth of clean energy consumption. This also includes the development of solutions for the use of batteries at the more various scales. The investment in the aforementioned technology company shall provide GPSC with the advantages in the transfer of new technologies in the future, which can be further applied in GPSC’s business strategies. Above all, it is believed that the restructuring this time shall enable the company to become a leader in clean energy in the region, and meanwhile creating stability in the production and distribution system.