This is an important step for the merger of companies in the EGAT group, namely the Electricity Generating Authority of Thailand (EGAT), RATCH Group and EGCO Group, to establish "Inno Power Co., Ltd." with a shareholding of 40%, 30% and 30%, respectively, to cope with and respond to changes occurring in the energy industry quickly, appropriately and sustainably.

Joint venture company "Inno Power Co., Ltd." will be an investment mechanism and develop innovation and new technologies in electricity and energy, promoting start-ups in the electricity and energy industry, as well as supporting the development and commercialization in research and innovation of the EGAT Group.

Inno Power will operate through 4 main departments, namely, new business ideas support unit (Collaborator), Business incubator (Incubator), Agency to accelerate business growth (Accelerator) and Corporate Venture Capital (CVC).

Meanwhile, this company will strengthen EGCO Group's Smart Energy Solution business in order to expand its core business through innovation and energy technology of the future, with EGCO Group focusing on expanding and developing microgrid technology, energy storage systems and electric vehicles.

Mr. Thepparat Theppitak, President of EGCO Group, said:

“Investment plan in the second half of 2021, EGCO Group is developing the energy-related businesses including fuel and infrastructure business that adds value to its core business. This covers the extension of oil pipeline in the northeastern region, the EGCO Rayong Industrial Estate and the LNG import under the shipper license granted by ERC. Smart Energy Solution is another energy-related business aiming to enhance the core business with innovation and future energy technology. A big step in this business includes an investment in Innopower Co., Ltd., a joint venture with EGAT Group that invests in electricity innovation and new S-Curve businesses. EGCO Group will focus on adding commercial values to the microgrid, energy storage system and electric vehicle technologies.”