Energy Absolute Public Company Limited

Nex Point Public Company Limited, or NEX, together with Absolute Assembly Company Limited, or AAB, a subsidiary of Energy Absolute Public Company Limited, or EA, opened its doors to welcome a delegation from the Bangkok Mass Transit Authority, or BMTA, to visit the AAB factory in Ban Pho District, Chachoengsao Province. The visit was to present information on production and assembly capacity for electric buses, quality control, and after-sales parts and maintenance services. The visit is related to the project to lease 1,520 clean-energy air-conditioned public buses. NEX and AAB play a supporting role in procuring all 1,520 electric buses to be delivered to Nakhonchai Air Company Limited, which is the direct contracting party with the BMTA, so that the BMTA can put them into public service under the project. The electric buses for this project will be manufactured and assembled in Thailand under production and assembly processes controlled by quality management systems that meet internationally recognized standards. AAB was established in 2020 and began commercial production in 2021. For the production of electric buses in this project, it is expected to employ more than 800 people, most of whom are Thai personnel. The factory is located on an area of more than 55,000 square meters, with a total investment value of more than 2 billion baht, and has a maximum production capacity of approximately 3,000 to 9,000 vehicles per year, depending on the type and complexity of the vehicles produced. AAB is regarded as the first and only fully integrated commercial electric vehicle manufacturer in Thailand, with the capacity to support the production and assembly of various types of vehicles, including city buses, coaches, minibuses, vans, pickup trucks, trucks, tractor units, and electric vehicles for specialized applications. The AAB factory has received ISO 9001:2015 quality management system certification for the production of commercial electric vehicles and uses modern production technologies in its processes, such as high-precision plasma laser cutting systems, jig fixture systems for structure forming and assembly, EDP anti-corrosion coating systems, and robotic paint spraying systems. Mr. Vasu Klomkliang, Chairman of NEX, said that the BMTA delegation's visit is an important opportunity to present the potential of a Thai factory with continuous experience in manufacturing and assembling commercial electric vehicles, along with personnel, engineering processes, production technology, and quality control systems capable of supporting large-scale public bus projects. The key point is not only the factory itself, but also the engineering knowledge and experience accumulated by Thai personnel. Having domestic production capacity, quality inspection, and vehicle care will help extend knowledge and technology, preserve skilled employment, and strengthen Thailand's supply chain. It is a source of pride for AAB and NEX employees, as well as for Thai people, that the country has the capacity to support large-scale commercial electric vehicle projects. NEX also plays a role in parts procurement, technical support, and maintenance through Nex Autopro Company Limited, or NEX Autopro, which provides comprehensive electric bus maintenance services and parts distribution, covering buses from small to large sizes, with a parts warehouse, expert technician teams, and scheduled maintenance systems to help reduce vehicle downtime. Currently, NEX has commercial vehicle products covering both passenger and freight transport segments, such as passenger vans, minibuses, city buses, coaches, pickup trucks, large multi-purpose vehicles or MPVs, cargo vans, trucks, and tractor units, as well as vehicles for specialized work such as dump trucks, concrete mixer trucks, garbage trucks, street sweepers, and water spray trucks, to serve government agencies, transport operators, logistics businesses, and the industrial sector. This overall picture reflects NEX's approach to operating a fully integrated commercial vehicle business, from product selection and development, production and assembly through the AAB factory, distribution, to after-sales service through NEX Autopro.

Energy Absolute Public Company Limited, or EA, reported first-half results for 2026, swinging to a net profit attributable to the parent of 105.81 million baht, compared with a loss of 469.12 million baht in the same period last year. Total revenue was 5.87 billion baht and net cash from operating activities was 3.69 billion baht. Revenue remained under pressure from the expiry of the adder tariff for the Phitsanulok solar power plant and the shift in the biodiesel business model from producing and selling on its own to contract manufacturing. The group's total liabilities fell from 69.71 billion baht as of 30 June 2024 to 54.83 billion baht as of 30 June 2026, a reduction of 14.88 billion baht, or 21.4 percent, over two years. The electric bus and commercial vehicle business posted first-half revenue of 699.25 million baht, up 129.2 percent from the same period last year, with total vehicle sales of 116 units, compared with 36 units a year earlier. Chief Financial Officer Vasu Klomkliang said the company remains focused on managing its core renewable energy business, alongside developing new wind power projects totalling 180 megawatts, the waste management and waste-to-energy business, and expanding the electric vehicle and energy storage businesses under a cautious investment and liquidity management framework.

Energy Absolute Public Company Limited, or EA, has approved three subsidiaries to receive guarantee support from Double P Land Company Limited to back total credit facilities of 9.77764 billion baht for the Bangkok Mass Transit Authority electric bus project, also known as BMTA. The facilities for NEX and AAB related to the electric bus project total 9.59764 billion baht, comprising 8.545 billion baht for AAB, 1.05264 billion baht for NEX, and 180 million baht for ERH. The credit facilities for NEX and AAB are specifically intended to support working capital for the production and operation of 1,520 electric buses under the project, for which the EA-NEX group has been appointed as manufacturer and assembler. The guarantee arrangements and related contracts are expected to be completed by August 2026.

Amata Technology Thailand Company Limited, or AMITA, a subsidiary of Energy Absolute Public Company Limited, or EA, has joined with the Department of Primary Industries and Mines under the Ministry of Industry to sign a memorandum of understanding aimed at advancing recycling technology for end-of-life lithium-ion batteries toward industrial-scale application. This collaboration will combine the department's expertise in battery sorting and recycling with AMITA's experience in battery development and production. End-of-life batteries and production process materials will be studied and developed to obtain precursors that can be trialed in manufacturing new batteries. The partnership will also jointly assess technology feasibility, develop personnel, and formulate policy recommendations to support a comprehensive national battery recycling system. Mr. Chatraphol Sripratum, Chief Executive Officer of EA, stated that the goal is to transform waste into valuable resources, building knowledge and raw material security for Thailand. As the electric vehicle and energy storage industries grow, the volume of end-of-life batteries will increase accordingly. Recycling thus helps reduce waste, minimize resource loss, and lower dependence on imported raw materials. This cooperation is part of EA's vision to develop a fully integrated clean energy ecosystem, spanning renewable energy, batteries, electric vehicles, greenhouse gas reduction, and lifecycle resource management.

The policy injecting 200 billion baht under the emergency loan decree to drive clean energy and electric transport systems is positively impacting nine Thai stocks in the solar rooftop and electric vehicle ecosystem sectors. The solar rooftop group that will benefit fully includes GUNKUL from its integrated business covering equipment sales and installation contracting, SOLAR as a panel manufacturer and installation service provider, retail building materials and IT groups such as HMPRO, DOHOME, GLOBAL, and COM7 as distribution channels for ready-made household solar kits, and KTC from low-interest loan measures and installment payments for solar rooftop installation that stimulate card spending. In the electric vehicle ecosystem group, NEX benefits the most in the electric bus and truck segment, EA will ease liquidity concerns and unlock assets from its battery manufacturing and EV assembly plants, while GPSC and GULF benefit from investments in nationwide charging station infrastructure. Analysts recommend a strategy of accumulating on dips or speculating on policy momentum, while cautioning that EV and solar cell stocks often react quickly to policy news. Investors should scale in and avoid chasing prices during sharp short-term rallies.