Sustainable Battery Solutions, Inc made an offer to acquire remaining 48.17% stake in Thai Energy Storage Technology Public Company Limited (SET:3K-BAT) from a group of shareholders for THB 3 billion on December 14, 2021. Offer will acquire 37.768087 million share at a price of THB 79.09 per share. Offeror intends to continue the main operation as usual without significant change in policy and business operation of Thai Energy Storage Technology Public Company Limited. The Offeror will not plan to make changes to the Business's policy and management plan of Thai Energy Storage Technology Public Company Limited. 90,027 shares have been tendered under the offer as of January 17, 2022. The Tender Offer period will last for a total of 25 business days from December 16, 2021 to January 21, 2022. AIRA Securities Public Company Limited acted as the Tender Offer Agent and AIRA Advisory Company Limited acted as the Tender Offer Preparer. Jay Capital Advisory Limited acted as financial advisor and fairness opinion provider to Thai Energy Storage Technology Public Company Limited in the deal.

Sustainable Battery Solutions, Inc completed the acquisition of an additional 0.16% stake in Thai Energy Storage Technology Public Company Limited (SET:3K-BAT) from a group of shareholders for THB 9.9 million on January 21, 2022. During the offer period, Sustainable Battery Solutions, Inc acquired 0.125 million shares. Post completion, Sustainable Battery Solutions, Inc holds 51.98% stake of Thai Energy Storage Technology Public Company Limited.