PTT Public Company Limited (SET: PTT) announced that Board of Directors of ARUN PLUS Company Limited (ARUN PLUS) (PTT’s 100% owned subsidiary) at the meeting on 22 November 2021 approved the establishment of Nuovo Plus Company Limited (NUOVOPLUS), a joint venture company with Global Power Synergy Public Company Limited (SET: GPSC) with the registered capital of THB4,200 million and an initial paid-up capital of THB1,050 million. ARUN PLUS and GPSC hold 51% and 49% of the shares in NUOVOPLUS, respectively.
The objectives of the company establishment are to study the possibility of the investments in the battery value chain in order to support the electric vehicle industry in accordance with Thailand’s automotive industry policy to promote electric vehicles, energy storage system (for the storage of electricity from renewable sources), as well as the investment in the related businesses. This joint investment will leverage key strengths, expertise, and financial capability of each partnership to enhance competitive advantages in battery business and to synergize electric vehicles’ supply chain to escalate future growth opportunities of battery business according to PTT Group’s New S-Curve strategy. NUOVOPLUS completed its registration on 11 January 2022.
