In green industry, a Thai company that stands out is Energy Absolute Pcl, Thailand’s number two publicly-listed electricity supplier with a market value of $5.6 billion. The company which started in the renewable energy sector, with investments in wind and solar farms, is now expanding into the development of electric vehicles and their related ecosystem.

The company has become a key figure in Thailand’s efforts to steer its highly successful automobile manufacturing industry – the world’s 11^th largest – beyond the internal combustion engine era into the design and production of electric vehicles.

Energy Absolute has invested in the production of five-seat electric cars, electric buses, and electric boats, as well as the lithium-ion batteries and charging stations that will help the EV market to expand. The first phase of Energy Absolute’s $100 million lithium-ion battery factory – the first in Southeast Asia – is nearing completion, and 500 EV charging stations have sprung up in readiness.

“I hope my success will be a catalyst and bring another wave of investment,” Energy Absolute founder and Chief Executive Officer Somphote Ahunai said. “The BOI has a very transparent and fair process for everyone and supports foreign investors. We welcome competition.”