Singapore's Durapower partners Banpu NEXT and Cherdchai Motors Sales Company to capture EV market share in the Asia Pacific

The three parties will collaborate to assemble battery systems in Thailand

SINGAPORE,July 21,2022 -- Durapower Holdings Pte Ltd ("Durapower" and together with its subsidiaries,"Durapower Group"),a global leader in performance lithium battery storage solutions,has signed a Memorandum of Understanding (MOU) with Banpu NEXT Co.,Ltd ("Banpu NEXT"),a leading "Smart Energy Solutions" provider in Asia-Pacific and Cherdchai Motors Sales Company Limited ("Cherdchai"),the largest bus manufacturing company in Thailand,to capture opportunities in the electric vehicle ("EV") market in Thailand.

Signing of a Memorandum of Understanding between Durapower Holdings Pte Ltd,Banpu NEXT Co.,Ltd (“Banpu NEXT”),a leading Smart Energy Solutions provider in Asia-Pacific,and Cherdchai Motors Sales Company Limited,to capture opportunities in the electric vehicle market in Thailand. From left to right: Mr Suwit Pruckwattananon,Senior Vice President - Business Development of Banpu NEXT; Mr James Rama Phataminviphas,Group Senior Vice President - Energy Technology of Banpu NEXT; Mr Sinon Vongkusolkit,Chief Executive Officer of Banpu NEXT; His Excellency Mr Kevin Cheok,Ambassador of the Republic of Singapore to Thailand; Mr Kelvin Lim,Group Chief Executive Officer of Durapower Group; Dr Assanee Cherdchai,Chief Executive Officer of Cherdchai Motors Sales; Ms Lina Lee,Executive Director of Durapower Group; Mr Adisorn Cherdchai,Managing Director of Acreative Co.,ltd of Cherdchai Group.

Establishment of a Joint Venture Company

Durapower's[1] subsidiary,Durapower Technology (Thailand) Co.,Ltd ("Durapower Thailand"),Banpu NEXT,and Cherdchai will form a joint venture company to establish a battery assembly plant in the Nakhon Ratchasima Province of Thailand.

The company will be engaged in the assembly of battery systems,whereby Durapower will supply battery cells and modules,as well as related parts and components to the company,and license its technology to the company for the assembly of battery systems for various market segments,including Energy Storage Systems ("ESS"),marine applications,passenger cars,2 and 3 wheelers,and heavy commercial electric vehicles ("EVs").With the advanced technology and production support from Durapower,battery systems from this plant will boast high storage capacities to provide maximum discharge time and driving range in addition to fast-charging,lightweight designs,and high safety standards. The plant plans to expand to 1Gigawatt hours (GWh)by 2026to support export to Asia-Pacific markets.

Mr Kelvin Lim,Chief Executive Officer of Durapower Groupsaid: "Choosing the right partners is an important facet for a quick and successful market entry. We need established Thai partners with both the right experience and track record to go to market quickly,and also the right networks to help open up the Thai market for us. Naturally,Banpu NEXT and Cherdchai were the ideal choices,and we are excited to see how we can collaborate closely to capture the growing demand for electrification in Thailand".

Capturing Electrification Opportunities in Thailand

The collaboration will be well positioned to capture the rapidly growing opportunities for electrification in Thailand. EVs in particular,have been a game-changer,gaining increasing interest in Thailand as its transportation industry transforms with the global push towards decarbonisation. Thailand has also developed a favourably evolving policy environment. Incentives and grants provide the right impetus for the EV market and accelerate the development of EV production and its related value chain. The Asia-Pacific Electric Bus Market stood at around USD 40 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.52 per cent to reach USD 84 billion by 2027.

Dr. Assanee Cherdchai,Chief Executive Officer of Cherdchai Motors Sales,said:"Thailand's EV market is on an uptrend. Combined with surging fuel prices and the rise of environmental sustainability as a mega trend,we decided to form a strategic partnership with Banpu NEXT and Durapower to tap into theelectric-bus (e-bus) market,build sustainable growth and expand our customer base through business diversification. Under this joint venture,Cherdchai will expand our 64 years of engineering expertise in bus assembly with addition of lithium-ion battery technology from our partners to manufacture e-buses for our own fleets and our customers,including government agencies and bus companies. Customers will have peace of mind from our reliable after-sales service and can look forward to our upcoming plan to set up charging stations around the country."

Mr. Sinon Vongkusolkit,Chief Executive Officer of Banpu NEXTcommented: "Banpu NEXTdrives businesses towards the future of sustainable energy in alignment with our 'Greener & Smarter' strategy. This partnership will strengthen our business ecosystem and support expansion of three businesses in our portfolio: Battery,e-Mobility and Smart Energy Solutions.Banpu NEXT will exploreopportunities to integrate these battery systems in our Smart Energy Solutions and development of Mobility-as-a-Service (MaaS) business model for buses and fleet management. Moreover,we will explore future opportunities to introduce these battery systems to other market segments,such as energy storage for solar power system and EV charging station,as well as to expand the battery business to overseas markets. This joint venture will contribute to the growth of EV adoption in Thailand,in line with the government's policy to support EV production,promote zero-emission vehicles (ZEVs),assist the automotive industry's transition to future mobility trend,and drive the country's evolution into a low-carbon society."

About Durapower Group (www.durapowergroup.com)

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,of 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 Co.,Ltd. (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 human-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". Comprising of Smart Data Analytics & Energy Management,Smart Energy Generation,Smart Energy Storage,Smart Energy Utilization,and Smart Circular Economy,these solutions drive growth across our five business groups—Renewable Energy,Energy Storage,Energy Trading,e-Mobility,and Smart Energy—as we provide end-to-end solutions with great value for money,reliability,and eco-friendliness to support sustainable development of all businesses.

More information https://www.banpunext.co.th| www.facebook.com/banpunext| www.linkedin.com/company/banpu-next-company-limited/

About Cherdchai Motors Sales Company Limited

Cherdchai Motors Sales Company Limited was established on 11 December 1981 by Mr. Vichai and Mrs. Sujinda Cherdchai,who are the pioneers in commercial transport in Thailand. Cherdchai's first three commercial routes are Nakhon Ratchasima – Surin,Nakhon Ratchasima – Chaiyapoom,and Nakhon Ratchasima – Burirum.

From the 1990s,Cherdchai's,transportation business expanded to routes in the North,North-East,and West areas of Thailand.

With constant business growth,Cherdchai has become one of Thailand's largest public bus businesses with an annual operation of over 1,600 units of a wide range of public transport service routes around Thailand.

[1]Durapower Group is one of partners under Banpu NEXT's joint investment with 47.7 per cent shares

From left to right: Mr. Sinon Vongkusolkit,Chief Executive Officer of Banpu NEXT,Mr. Kelvin Lim,Group Chief Executive Officer of Durapower Groupa and Dr. Assanee Cherdchai,Chief Executive Officer of Cherdchai Motors Sales signing a Memorandum of Understanding to capture opportunities in the electric vehicle market in Thailand on 21 July 2022 in Bangkok.