Energy Absolute (EA), a market leader in renewable energy and electric vehicle (EV) production listed on the Stock Exchange of Thailand, is on an exciting trajectory towards seeing a significant boost in its total revenue. This year, industry forecasts have projected a revenue increase for the company that will surpass a staggering 41 billion baht, a remarkable ascent from the preceding year’s 27.5 billion baht. EA’s emphatic rise in profits is largely owing to ravenous demand for commercial-scale EVs and batteries.
In an overview of earnings throughout 2021’s first two quarters, the sales of EVs and batteries were responsible for an impressive quarter of the total revenue, equating to roughly 10.4 billion baht. This is a monumental leap compared to the modest 472 million baht from the same period the year prior. In terms of sheer sales, EA observed a growth of 24%, with the company selling 1,445 units of EVs between January and June 2021, compared to 1,160 units in the same timeframe in 2020.
Vasu Klomkliang, EA’s Executive Vice President for Strategy Development and Investment Planning, credits these successes to a surge in both battery production and EV manufacturing. Other factors, such as increased profitability from the company’s interests in the power and renewable fuel sectors, have also contributed to the growth story. Considering its commercial success, EA is primed to upscale its battery production efforts significantly. At the company’s Chachoengsao factory, production capacity is set to expand from 1 gigawatt-hour to an astounding 4 gigawatt-hours by the end of next year’s fourth quarter.
A commercial EV production plant, located in the same province, is capable of producing up to 9,000 vehicles per annum. At present, the number of commercially purposed EVs on the roads of Thailand is approximately 1.4 million units, with an annual increment of 75,000-82,000 vehicles. The spike in oil prices has compelled transport operators to pivot to EVs, providing EA with a bountiful business opportunity. EA’s investors have not been slow in capitalising on the rising EV tidal wave. The company has been quick to set itself on the path towards rivalling foreign EV manufacturers, all the while increasing brand awareness among motorists, as reported by Bangkok Post.
EA also deals in other sectors, operating under the expansive umbrella of clean energy. The company’s portfolio includes electric boats, branded as Mine Smart Ferry, electric buses under the Mine Bus brand, electric trucks named Mine Trucks, and electric mini-trucks entitled Mine Mini Trucks. An 11 billion baht investment low has been set aside by EA to bolster their current ventures, with the majority, or 63%, of this fund earmarked for enhancing battery production capacity in an effort to establish a gigafactory.
In addition to investing heavily in the EV and battery sectors, EA has consistently sought to innovate in the biodiesel sector. By adding value to its biodiesel products, the company has further diversified its revenue streams. Among these creative endeavors include the repurposing of biodiesel products into innovative building materials for use as wall coverings, capable of maintaining rooms at specified temperatures, further emphasising EA’s commitment to sustainable and efficient energy.
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