EA Expects 1st Phase Battery Factory to Run in Mid-2021, Showing 1Q21 Earnings at ฿1.4Bn
The long-awaited battery factory of EA is expected to operate its 1st phase in mid 2021, while reporting 1Q21 earnings at 1.4 billion baht.
Energy Absolute Public Company Limited (EA) has reported its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
EA reported a net profit of 1,411 million baht in 1Q21, slightly lower than a net profit of 1,452 million baht in 1Q20 by 2.77%.
The decrease was mainly due to its lower revenue of 4,706.43 million baht, decreased by 54.98 million baht or 1.15% as compared to the same period of last year which incurred a total revenue of 4,761.41million baht.
For the three-month period ended 31 March 2021, cost of sales were 2,557.01 million baht, decreased by 111.74 million baht or 4.19% as compared to the same period of last year which incurred the total cost of sales of 2,668.74 million baht.
The construction of the 1st phase of the 1GWh Li-ion battery factory under a subsidiary, Amita Technology (Thailand) Co.,Ltd. (ATT), is currently undergoing test running as well as commissioning to prepare for commercial production.
With the intense COVID-19 pandemic since late March 2021 until the present, it must have control and preventive measures including self-quarantine for those who travelled from critical risk areas especially Songkran Festival, a long holiday period, for safety in working conditions of staffs, management, and foreign expertise to work in the test run.
The plant is expected to start 1st phase production in the middle of 2021. In the beginning, it will distribute battery supply to EV business units of EA group, comprising electric buses, electric ferries, and electric cars, and then gradually ramp up production to meet the market demands. To support the electric vehicle business of the company group in the meantime, the company uses batteries produced by Amita Technologies Inc. Taiwan’s facility to achieve the company’s plans.
In addition, the company has well-prepared by establishing a new subsidiary, Battery Electric Vehicle and Products Testing Center Co., Ltd. (BEV) for research and development and provide battery testing and certification services including various devices of electric vehicles. In the beginning, it will provide services to companies in the EA group both the battery plant and the electric vehicle assembly plant, and then in the next phase, it will provide services to external companies. The establishment of the new subsidiary was completed in April.