An electric vehicle (EV) start-up backed by Hong Kong’s government-owned investment arm has formed a partnership with a Thai energy company, the first of its kind overseas, to supply green transport solutions.
The Hong Kong Investment Corporation (HKIC)-backed Spark and Bangchak plan to set up more than 1,000 EV charging stations within the next five years in Thailand to enhance the EV charging network in the Southeast Asian nation amid rapid adoption of battery-powered cars.
“Hong Kong is proud to assist Thailand’s green transformation using cutting-edge technologies developed by our tech firms and contributing our experience, innovation and expertise,” Financial Secretary Paul Chan Mo-po said on Thursday.
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The collaboration reinforces Hong Kong’s aspiration to become an international green tech and green finance centre, and to help construct a vibrant green tech ecosystem in Southeast Asia, he added.
The EV sector in Thailand is on the rise as the country aims to peak greenhouse gas emissions by 2030, achieve carbon neutrality by 2050 and reach net-zero greenhouse gas emissions by 2065. By 2030, Thailand aims to convert 30 per cent of its annual production of 2.5 million vehicles into EVs, according to a government plan.
Seven Chinese EV companies have established their presence in Thailand, including the world’s largest EV manufacturer BYD, Aion, Great Wall, and Chery, according to Chaturont Chaiyakam, consul-general of Thailand in Hong Kong.
Hong Kong companies have major advantages in the EV charging ecosystem, according to Vincent Yip Shiu-hong, CEO of Spark. He cited support from mainland China, the world’s largest EV market, in advanced research and development and manufacturing, skilled professionals, and large-scale consumer data analytics.
While at least three charging stations have begun operations in Thailand, the two companies will complete the setting up of 250 EV charging facilities by mid-2025 in the first phase, Yip said.
The collaboration is the first overseas initiative announced by the HKIC since its establishment in October 2022, said Clara Chan, CEO of HKIC.
The HKIC currently manages HK$62 billion (US$7.9 billion) across four funds: Hong Kong Growth Portfolio, Greater Bay Area Investment Fund, Strategic Tech Fund and Co-Investment Fund.
The HKIC is keen to take forward strategic collaboration on cutting-edge technology and biotech by focusing on the theme of green technology, she said.
“We support Spark in bringing Hong Kong’s green technology abroad.”
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