Date : 04/01/2024

Alternative Mobility GmbH (AM) and Energytech Asia Co., Ltd. (ETA) Forge Strategic Partnership to Develop Electric Vehicle Conversion Initiatives in Thailand

Ahrensburg, Germany, and Bangkok, Thailand - January 4, 2024 - Alternative Mobility GmbH (AM) and Energytech Asia Co., Ltd. (ETA) are thrilled to announce a groundbreaking Memorandum of Understanding (MOU) aimed at expediting the adoption of electric vehicles (EVs) in Thailand's transportation sector. This strategic partnership is set to revolutionize the way Thailand embraces sustainable and eco-friendly transportation solutions.

Market Overview in Thailand: A Paradigm Shift Towards Sustainability

Thailand's transportation landscape is undergoing a remarkable transformation, driven by an escalating demand for sustainable and clean energy solutions. Government initiatives and heightened environmental awareness are fueling the surge in electric vehicle adoption, making this collaboration a timely and crucial step towards meeting the nation's evolving mobility needs.

About the Parties

Alternative Mobility GmbH (AM): Based in Ahrensburg, Germany, AM specializes in providing technical and innovative solutions for the conversion of public transportation buses and utility vehicles from diesel to electric, with an unwavering commitment to sustainability.

Energytech Asia Co., Ltd. (ETA): Headquartered in Bangkok, Thailand, ETA is a leading player in the energy technology sector with a clear commitment to advancing clean energy solutions. ETA's keen interest in electrifying Thailand's transportation sector aligns perfectly with AM's expertise.

Roles and Responsibilities

AM will play a pivotal role in this partnership by offering crucial technical assistance to ETA, including guiding the development of a customized and certified EV conversion KIT, providing technical training for ETA's conversion team, and provide software development and updates. Together, these efforts aim to ensure the seamless execution of EV conversion projects for ETA and its partners in the burgeoning Thai market.

ETA and AM will serve as essential local partners in Thailand, overseeing the successful transfer of knowledge, monitoring project activities, and acting as an escrow for financial and non-financial performance checks, ensuring the highest standards of quality and efficiency at local levels.

Projected EV Conversions: Paving the Way to a Greener Future

Between 2024 and 2026, AM and ETA anticipate the conversion of up to 300 trucks of varying sizes, including light, medium, and heavy trucks, with a projected budget of approximately USD 27,000,000.

Operational Modes: A Collaborative Path to Success

The initial phase of the collaboration will focus on purchasing EV conversion components, knowledge transfer, and training local Thai staff by AM. This collaborative effort aims to empower ETA and its customers to purchase, install, and integrate AM EV conversion KITs, conduct testing, and successfully deliver converted EV buses and trucks to the Thai market. As the partnership progresses, additional forms of joint ventures will be explored.

A Greener Tomorrow: A Milestone for Thailand

This collaboration between AM and ETA represents a significant milestone in Thailand's journey towards sustainable transportation solutions. Together, they are poised to lead the way in electrifying Thailand's transportation sector, contributing to a greener and more sustainable future.