Open Innovation

In 2021, EGCO Group and its joint ventures established Innopower Co., Ltd. with the objective to generate additional revenue from energy innovation and new S-curve businesses by seeking new energy markets and products and aiming to extend the research in innovation and inventions and steering those projects into commercial level via R&D Spin-off Department.

The company also invested in a start-up that is a new-wave business in the energy industry. This move ensures EGCO Group’s resilience to the change and enables the company to adapt to energy disruption promptly, appropriately, and sustainably.

In 2023, Innopower initiated an EV station business in collaboration with Wallbox. A total of 3 stations have been established. Additionally, the company forged a partnership with the Electricity Generating Authority of Thailand (EGAT) to develop an EV platform and charging station under the brand Elexa.

Furthermore, Innopower has expanded its operations into trading Renewable Energy Certificates (REC). It procures RECs from clean energy power plants, including those from government and private sectors, and subsequently sells these RECs to businesses with a demand for them. Innopower’s trading volume was approximately 2 million RECs, representing a 41% market share in Thailand. Currently, Innopower is planning to further enhance this business by developing a real-time REC trading platform.

Details of open innovation are provided in: View Project