<article>Thai-listed energy company <a style="color: #000080;" href="http://dealstreetasia.com/tag/Banpu">Banpu Pcl</a> has agreed to acquire a 21.5-per cent stake in Japan’s compact electric vehicle developer <a style="color: #000080;" href="http://dealstreetasia.com/tag/Fomm">FOMM Corporation</a> for $20 million.</article>

Thai-listed energy company <a style="color: #000080;" href="http://dealstreetasia.com/tag/Banpu">Banpu Pcl</a> has agreed to acquire a 21.5-per cent stake in Japan’s compact electric vehicle developer <a style="color: #000080;" href="http://dealstreetasia.com/tag/Fomm">FOMM Corporation</a> for $20 million.
The investment, which is being made through its Banpu Infinergy Co Ltd, will allow it to further expand its clean energy business in the Asia-Pacific region, according to the company’s report to the Stock Exchange of Thailand on Monday.
“The investment is another strategic move for the Banpu Group to expand its investment to develop a technologically-advanced clean energy business in Asia-Pacific. Electric Vehicle (EV) is one of the energy solutions we have researched. We believe that it will see good business growth and serve as an expansion of our investment in an electric vehicle battery manufacturer,&#8221; Banpu&#8217;s CEO Somruedee Chaimongkol said, in the statement.
In addition to its investment, Banpu, through its new division Banpu Innovation &amp; Ventures, has secured a partnership with FOMM to focus on R&amp;D and commercialisation projects relating to virtual power plants, micro-grids, electric vehicles, EV charging station and batteries.
The partnership also includes the agreement that FOMM vehicles will use lithium-ion batteries developed and made by Durapower Technology (Singapore) Pte Ltd in which Banpu also has a strategic shareholding of 47.68 per cent.
FOMM, established in 2013 and headquartered in Kawasaki, Japan, is one of the major compact EV developers in Japan with a focus on close-range mobility and safety.
In 2016, FOMM has set up a joint venture firm, FOMM (Asia) Company Limited, to tailor its existing automotive technology that is suitable for the Thai market. It has recently expanded its business including design, assemble, quality assurance and distribution to Southeast Asia and Europe.
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Thai-listed energy company Banpu Pcl is acquiring 21.5-per cent stake in Japan’s compact electric vehicle developer FOMM Corporation for $20 million.

Thailand's Banpu picks 21.5% stake in Japanese EV maker FOMM Corp

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Thailand's Banpu picks 21.5% stake in Japanese EV maker FOMM Corp

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