EVLOMO of the U.S. secures funds to expand Thai EV charging network
U.S.-based EVLOMO has secured an additional $210 million investment to expand its network of electric vehicle charging stations in Thailand. The company also announced that it would build a lithium battery factory in the Kingdom’s advanced industrial zone.
The announcement represents a furthering of business ties between the U.S. private sector and Thailand as the Kingdom transitions its world-renowned auto manufacturing industry towards more advanced, electric and greener vehicles and the infrastructure to support them.
The transition is intended to keep Thailand globally competitive in vehicle manufacturing and other industries and help the Kingdom meet its commitments to reduce greenhouse gas emissions as part of its adherence to the Paris climate accords.
EVLOMO earned the investment from Deer Isle Group, one of its business partners. Deer Isle Group is a fintech, investment and advisory firm based in New York.
“The EV industry in Thailand is growing. Advances in this sector will make the driving and charging of EVs more convenient and comfortable,” said Dianna Raedle, President and Founder of Deer Isle Group.
“The rapid growth of EVs in the coming years will necessitate charging infrastructure development,” said Raedle.
EVLOMO is a builder and installer of super-fast charging stations. The Kingdom’s transition to electric vehicles needs a national network of charging stations. Thailand is in the early stages of construction such a network, although it is already a base for building electric vehicles, most of which are exported for now.
EVLOMO said that it plans to cover every aspect of the electric vehicle industry.
EVLOMO is also building an 8 gigawatt-hour lithium battery plant in Thailand’s Eastern Economic Corridor (EEC) advanced development zone with an investment worth $1.2 billion.
Photo courtesy of https://www.evlomo.com/about-us