Electricity Generating Public Company Limited (EGCO) announced that on September 13, 2021, the Electricity Generating Authority of Thailand (EGAT), RATCH Group Public Company Limited (RATCH) and EGCO jointly established a joint venture called Innopower Company Limited (Innopower) with the investment portions of 40%, 30%, and 30%, respectively. The joint venture is registered with the capital of THB 600 million, 25% of which was already paid up.
This investment was approved by the Board of Directors in the meeting held on February 21, 2020. The objective of Innopower is to enhance innovative researches and inventions co-developed either among EGAT Group or by strategic partners for commercial purposes through its R&D Spin-off unit.
The joint venture company also aims to invest in Start-up business, a new wave of energy industry, enabling EGAT Group to handle and respond to the abrupt changes in the energy industry in timely, appropriate, and sustainable manners.
Innopower is operated by 4 major departments: 1. Collaborator; 2. Incubator; 3. Accelerator; and 4. Corporate Venture Capital (CVC). Furthermore, the investment conforms to EGCO’s corporate strategy to expand its investment to relating new S-Curve businesses as well as building innovation networks and Start-up business. Also, it will strengthen the smart energy solution business in which EGCO intends to develop the electric vehicle (EV) technology and battery storage for EV.