Innopower Shifts Focus to Renewable Energy Solutions for Small Businesses

Innopower Co, a leading energy solution provider, is scaling up its renewable energy services to support small entrepreneurs after shelving plans to establish an electric vehicle (EV) factory. The company, jointly owned by the Electricity Generating Authority of Thailand, Ratch Group, and Electricity Generating Plc, will now concentrate on helping businesses reduce carbon emissions amid rising demand for sustainable energy solutions.

Expanding Renewable Energy Solutions for SMEs

With the global push towards decarbonization and banks offering green loans to businesses seeking to cut carbon footprints, renewable energy adoption is becoming increasingly critical. Athip Tantivorawong, chief executive of Innopower, stated that small and medium-sized enterprises (SMEs) are now a key focus, as they play a crucial role in supply chains and must align with low-carbon production standards to avoid non-tariff barriers when exporting goods.

The company provides energy efficiency solutions for factories and office buildings, as well as technical support for transport operators transitioning from fossil fuel-powered vehicles to electric alternatives.

New Renewable Energy Initiatives

In 2024, Innopower is set to launch a new service enabling clients to convert excess solar energy into Renewable Energy Certificates (RECs). Each REC certifies the generation of one megawatt-hour of renewable energy and can be traded as an energy commodity, offering businesses a financial incentive to transition towards clean energy.

Currently, 115 firms utilize Innopower’s energy solutions, and the company aims to expand this number to 150 by the end of 2024.

Investing in Clean Energy Growth

Buoyed by increasing renewable energy adoption, Innopower forecasts a 38% revenue growth this year, reaching 400 million baht, up from 290 million baht in 2024. Looking ahead to 2025, the company has allocated 700 million baht to further strengthen its energy solution business and invest in energy innovation startups.

By prioritizing renewable energy and sustainable business solutions, Innopower continues to drive Thailand’s clean energy transition, empowering SMEs to embrace low-carbon strategies and align with global sustainability standards.