Page 15 - AsiaElec Week 38 2021

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$16bn push into EVs and investment, the company is anticipated to GFE, Metro Energy sign plant
With the same pace and ratio of overall
green energy pour about $16.5bn into new green businesses deal
through 2030.
Thailand’s state-owned oil major PTT is The centerpiece of PTT’s green drive is the Metro Energy Co, a local sales arm of US-
expected to invest more than $16bn over development of Thailand’s EV supply chain. based machinery manufacturer Caterpillar
the next decade into an initiative to promote The government plans to have 30% of vehicles Inc, is going ahead with the construction of
electric vehicles and other green technology produced domestically be zero emissions by Thailand’s first power plant that uses pyrolysis
as part of a national drive to turn the country 2030. technology in Udon Thani to turn plastic
into Southeast Asia’s EV hub. Accordingly, PTT “will support the waste into fuel and help curb greenhouse
The vision reflects a “business transition government’s policies for a green and gases.
going beyond a traditional energy company,” emission-free future,” said Auttapol. Under the pyrolysis technique, discarded
PTT President and CEO Auttapol Rerkpiboon The group will start by forming an EV plastic will be heated at high temperatures to
told Nikkei in a written interview. manufacturing joint venture with Foxconn, produce gaseous fuel, which will be then be
The company will achieve those aims the Taiwanese Apple assembler. PTT will used in an electricity generating process.
by committing to business reforms and own 60% of the new company, with Foxconn Veera Burapachaisri, managing director
supporting the government’s environmental holding the other 40%, according to last of Metro Energy Co, said the technology best
goals, Auttapol said. week’s announcement. suits Thailand as it can help reduce plastic
Majority owned by the government, A new plant will be built in Thailand’s waste.
PTT is Thailand’s largest energy group. Not Eastern Economic Corridor, a special Thailand is among the top six countries in
only does the company extract natural gas industrial zone. It will produce 50,000 EVs a the world blamed for discarding plastic waste
and petroleum, it also oversees refinery and year when it begins operation around 2023 in the ocean.
fuel distribution operations. Most earnings or 2024, and the output will eventually rise He said the gaseous fuel-fired power plant
originate from fossil fuel. to 150,000 units. This venture is expected to project, which already went through a public
However, as much of the world, including receive roughly $2bn in investments. hearing, can also help reduce greenhouse gas
Thailand, begins to shift toward a carbon-free PTT has no expertise in manufacturing emissions amounting to 300,000 tonnes of
society, demand for fossil fuels will begin automobiles, meaning the company will carbon dioxide equivalent per year.
to shrink. Seeing the writing on the wall, lean on Foxconn’s technological capabilities. Metro Energy Co yesterday signed a
PTT aligned itself with the government’s Foxconn is collaborating with top companies contract with GFE Energy Balance Co which
decarbonisation scheme. worldwide to develop basic platforms and will build a 9.6-megawatt power plant, worth
PTT “will shift the portfolio into a lower software for EVs. 710mn baht.
carbon business in line with global trends,” Formally known as Hon Hai Precision Electricity will be sold to the state power
said Auttapol. Industry, Foxconn’s prospective business distribution arm, Provincial Electricity
The company will allocate 32% model is one where it wields quick and low- Authority (PEA).
of groupwide investments to new cost turnaround times to win manufacturing
decarbonisation businesses through 2030. contracts from EV makers.
New businesses are expected to generate 30%
of consolidated profit by the same year.
PTT has yet to determine investments
through the end of the decade, but the WASTE-TO -POWER
company has said it will invest 863.4bn baht
($25.8bn) between 2021 and 2025.

Week 38 22•September•2022 www. NEWSBASE .com P15