Hong Kong helps spark Thai green revolution

Themis Qi

Hong Kong yesterday celebrated the launch of a pioneering green technology venture overseas in which a government-backed startup is installing more than 1,000 electric vehicle charging stations across Thailand.

Backed by the Hong Kong Investment Corporation, the joint venture Spark EV is installing the EV charging stations under a collaboration with the Bangchak Corporation Public Company, also known as BCP.

Spark will install more than 1,000 fast-charging stations in BCP's petrol stations and other locations over the next five years and also operate and maintain them under the deal with the energy provider.

Three of these are already up and running and Spark aims to have at least 250 installed by mid-2025.

At a ceremony to mark the city's e-mobility ecosystem partnership with Thailand, Financial Secretary Paul Chan Mo-po said the HKIC will be investing in Spark, a joint venture set up by Hong Kong and Thai tech firms, to support the use of the city's cutting-edge EV technologies in Thailand.

In March, GEM-listed Cornerstone Technologies announced the establishment of Spark as its majority owner and also revealed the startup's collaboration with BCP.

Chinese EV makers including SAIC Motor and Great Wall Motor have already tapped into the Thai market and last month Aion - under state-owned Guangzhou Automobile Group - joined the Thailand Charging Consortium, an alliance of 18 charging station operators.

While many EV factories have already been established in Thailand, Chan said the country's charging infrastructure has only begun to gain momentum.

In response to questions about Spark's competitiveness in the market, Chan said the project goes way beyond EV charging.

Spark, he said, is building an ecosystem that comprises management of the systems, big data analysis, talent training and new business and service models such as coffee shops, stores and restaurants that customers use as they charge their vehicles.

Hong Kong, said Chan, is proud to assist Thailand in its green transformation, adding the project is a "brilliant showcase" of the city's expertise in green tech.

HKIC chief executive Clara Chan Ka-chai said after hard and core technology and biotech, the HKIC is now focusing on green technology and this is the investment's arm first overseas initiative.

She said the startup's partnership with BCP has been prepared for a long time and the announcement came at an appropriate time as the project is running smoothly.

Spark chief executive Vincent Yip Shiu-hong said Hong Kong firms boast key advantages in the EV field, including support from the Greater Bay Area in research and development and manufacturing and highly skilled talent.

Share prices of Cornerstone climbed by 3.75 percent to HK$0.83 apiece yesterday.

themis.qi@singtaonewscorp.com