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EGAT - RATCH - EGCO join forces to build an energy tech business in Thailand, Launching INNOPOWER to accelerate in power and energy startups

13 September 2021 - EGAT joins hands with RATCH Group and EGCO Group to establish INNOPOWER Company Limited as a mechanism to invest and develop new technologies in electricity power, in addition to support and promote startups in the electricity and energy industry, which paves the way to underpin business opportunities from the digital transformation in the future.

The establishment of INNOPOWER Company Limited, according to the Cabinet resolution on July 20, 2021, was completed today on September 13, 2021 with 3 shareholders including Electricity Generating Authority of Thailand (EGAT), RATCH Group Public Company Limited (RATCH) and Electricity Generating Public Company Limited (EGCO) hold 40%, 30% and 30% stake, respectively. INNOPOWER Company Limited has the initial registered capital of 150 million baht out of the total investment of 2,960 million baht which will gradually be paid up to full amount within five years.

Mr. Boonyanit Wongrukmit, Governor of the Electricity Generating Authority of Thailand, said that the EGAT Group plans to generate additional income from the New S-Curve business by creating energy innovative products and market in response to energy disruption, and enable EGAT Group’s research and development of innovations and inventions to commercialize

“The formation of INNOPOWER not only increases the potential for new investments, but also supports the development and commercialization of EGAT and EGAT Group’s researches and innovation, as well as investing in the Future Energy and Startup in the energy industry. At the end it will encourage Thailand researches and innovation which move the country towards an innovation nation enabling the economy and society at large to stability, prosperity and sustainability in accordance with the Thailand 4.0 policy,” said Mr. Boonyanit.

Mr. Kijja Sripatthangkura, CEO of RATCH Group Public Company Limited said that according to the company's strategic plan, RATACH Group has set a 20% investment target in non-power generation businesses, including innovations and new technologies in electricity and energy solutions for being supportive to the next normal life after the COVID-19 pandemic crisis and cope with the digital transformation into the digital and low-carbon society in the near future.

“The Company assures that INNOPOWER as a mechanism, will not only drive the development and commercialization of EGAT's researches and innovation, but will also strengthen the new business base of RATCH and EGAT Group to expand and grow steadily. Moreover, RATCH Group will capitalize business experience and insight on innovation development and investment ensuring to serve new business models, increase operational efficiency emphasizing on environmental care and digital life-style age, as well as help INNOPOWER building market and customer base in order to achieve revenue and growth target,” said Mr. Kijja.

Mr. Thepparat Theppitak, President of EGCO Group, said that the joint venture to establish the INNOPOWER Company Limited is an advancement in dealing with and responding to technology disruption in the energy industry. It will be the flagship company in electrical innovation of EGAT Group. This company will strengthen EGCO Group's Smart Energy Solution business to extend its core business with innovation and future energy technology including micro grid, energy storage system, and electric vehicle development. This will be corresponding to the Company's business direction for sustainable growth; Cleaner, Smarter and Stronger to Drive Sustainable Growth.”

INNOPOWER Company Limited will operate through four main units, namely, Collaborator to support new business ideas, Business Incubator, Business Accelerator, and Corporate Venture Capital (CVC), which will help companies in EGAT Group to cope and respond rapidly to any changes occurring in the energy industry, appropriately and sustainably.

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