The companies will invest up to a total of US$1.06 billion (RM4.4bil) through a new joint venture company. In this new JV company, Rojana Industrial Park Public Co., Ltd. would own 55% shares and balance 45% would be owned by EVLOMO Incorporated.
The battery plant will be on a greenfield site at Nong Yai, Chonburi, Thailand that will create more than 3,000 new jobs and bring required technology to Thailand
Self-reliance in battery manufacturing is critical to Thailand's ambitious EV plans.
READ MORE: Thailand lays out bold EV plan, wants all electric cars by 2035
The battery plant will establish Nong Yai as an EV hub of Thailand and in the Asean region.
At the start, both parties will set up a 1GWh plant with an investment of US$143 million within 24 months. Groundbreaking is expected to take place this year.
The batteries will be for electric four-wheelers, buses, heavy vehicles, two-wheelers, and energy storage solutions for Thailand and overseas markets.
