Cornerstone Technology Holdings (08391) announced that the company has signed a memorandum of understanding to establish a company called Spark...
According to Zhitong Finance App, Cornerstone Technology Holdings (08391) announced that the company has signed a memorandum of understanding to establish a joint venture called Spark EV Co., Ltd., and Cornerstone will act as the company's main owner and operation manager to establish an electric vehicle charging station network in Thailand. The final structure of the joint venture is about to be implemented.
Spark has signed a landmark long-term agreement with Bangchak Corporation Public Company Limited, one of Thailand's largest refiners. Bangchak has an extensive network of gas stations spread across 2,200 locations. According to the agreement, Spark has the right to install, operate and maintain a nationwide network of electric vehicle charging stations, which has the potential to cover all 2,200 gas stations in Bangchak. It is currently scheduled to be completed in three stages within four years.
In the first phase of the project, Spark will launch electric vehicle charging facilities at around 250 gas stations in Bangchak. The first phase of installing electric vehicle charging stations will begin in the first half of 2024 and is expected to be completed by mid-2025. The electric vehicle charging station will provide up to 480 kW of ultra-fast DC charging, making it one of the fastest charging facilities on the Thai market. Spark will also integrate its electric vehicle charging platform with Bangchak's various non-oil businesses, including coffee shops, convenience stores, restaurants, car care businesses, etc., and will also provide various promotional offers to its customers.
This expansion to Thailand marks an important milestone in the cornerstone. This is the first time that a Hong Kong electric vehicle charging company has entered the Thai market, and the local electric vehicle penetration rate is growing rapidly. Cornerstone will bring its cutting-edge technology to Thailand, including the company's proprietary back-office system with mature management capabilities and ultra-fast charging facilities. With the company's expertise in operating excellent electric vehicle charging platforms in Hong Kong, Cornerstone is preparing to expand its business scope into the public charging sector in Thailand. The plan aims to provide fast, convenient and reliable charging services for electric vehicle drivers in Thailand.
With increased environmental awareness, cost savings, and the promotion of the government's green policies, electric vehicle sales in Thailand continue to surge, and Thailand is gradually becoming one of the most promising electric vehicle markets in ASEAN. The joint venture places the cornerstone at the forefront of supporting the country's long-term transformation to sustainable mobility and clean energy solutions.