Global Power Synergy Public Company Limited (the "Company") announced that the Company and ARUN PLUS Company Limited ("ARUN PLUS"), a wholly owned subsidiary of PTT Public Company Limited ("PTT"), have established Nuovo Plus Company Limited ("NUOVO PLUS") with a registered capital of THB 4,200 million and an initial paid-up capital of THB 1,050 million on 11 January 2022. The Company and ARUN PLUS hold 49% and 51% of the shares in NUOVO PLUS, respectively. The objectives of NUOVO PLUS are to study the possibility of battery business and support investment in battery value chain, including investment in related businesses, supporting the electric vehicle
industry in line with Thailand's automotive industry policy of promoting electric vehicles, and Energy Storage System, which is a system that facilitates the storage of electricity from renewable sources and can be used continuously and stably. This joint investment will leverage key strengths, expertise and financial capability of each partnership to enhance competitive advantage in battery business and synergy along electric vehicles' supply chain responding to growth opportunities. Together with ARUN PLUS, the Company will study the possibility of and prepare for the battery business. Once a business and/or investment plan is concluded, the Company will hold another board of directors'
meeting to approve the plan, ensuring maximum benefits to the Company.