Durapower to advance global expansion plan after US$70 million investment from Banpu NEXT
Singapore, 01 March 2023 – Singaporean Lithium-ion battery manufacturer Durapower Holdings Pte Ltd (“Durapower”) wishes to announce that Banpu NEXT Company Limited (“Banpu NEXT”), a subsidiary of Banpu Public Company Limited (“Banpu”) has increased its shareholding in Durapower, from 47.68 percent to 65.10 percent following a US$70 million investment.
Following this transaction, Durapower will become a subsidiary of Banpu NEXT and the transaction is part of Banpu NEXT’s strategy to scale up its Energy Storage business and enhance the presence of company as part of its growth plans.
The injection of funds will support Durapower’s expansion plans to better support increasing demand in markets across the globe where it operates in, including scaling Durapower’s China production, and accelerating the set-up of Durapower’s assembly plants in Thailand and Poland. This is part of the company’s strategy to establish a diversified manufacturing base and localized supply chain to achieve around 4Gwh by 2025.
Mr Kelvin Lim, Chief Executive Officer of Durapower Group commented: “We welcome Banpu NEXT’s commitment and confidence in Durapower, and this strategic transaction will allow Durapower to expand quickly to better support increasing demands of our customers in the global market while being able to leverage on Banpu NEXT’s network of companies and partners to synergistically benefit all partners involved. I look forward to the next phase in Durapower’s journey and am excited with all the opportunities it brings.”
Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT remarked: “We are pleased to welcome Durapower into the Banpu group. This investment aligns with Banpu NEXT’s strategy to scale up our energy storage business value chain, and it reflects our commitment to growth and increases our competitiveness. We believe that Durapower’s strong product offering, large customer base worldwide, and spotless safety record will boost our foray into the lithium battery market.
About Durapower Group
Headquartered in Singapore, Durapower offers closed-loop, end-to-end energy storage solutions for the electric mobility and renewable energy applications including on and off-road Electric, Hybrid and Plug-in Hybrid Electric Vehicles, electric marine vessel and stationary energy storage solutions. Since 2009, Durapower has been a leading innovator of Lithium-Ion cell technology, focusing on the research and development of battery materials, battery cell manufacturing and system integration. With a global presence spanning 23 countries and 48 cities, including European Countries, China, India and Southeast Asia. Durapower Group strives to make scalable, sustainable batteries that support the circular economy, empowering lives and transforming the future towards a carbon neutral economy.
About Banpu NEXT (www.banpunext.co.th)
Banpu NEXT Co., Ltd., a subsidiary of Banpu PCL., is a leading smart energy solutions provider in Asia-Pacific with a vision of “Innovating Infinite Energy Solutions to All”. The company aims to create business growth by responding to future energy trends and smart city development and living needs of modern-day consumers. With customers in mind, Banpu NEXT combine customer centric, data-driven approach with our expertise in clean energy, technology, and hardware to top up our solution development, resulting in “Smart Energy Solutions for Sustainability” to drive growth across our five business groups—Renewable Power, Energy Storage, Energy Trading, e-Mobility, and Smart City and Energy Management—as we provide end-to-end solutions with great value for money, reliability, and eco-friendliness to support sustainable development of all businesses.
For more information, visit www.banpunext.co.th , www.facebook.com/banpunext, www.linkedin.com/company/banpu-next-company-limited/