Thailand-based energy company Bangchak is set to invest $50m in biotechnology and clean energy-focused startups over a five-year period, The Nation reported today.
Suwat Meemook, executive vice-president of Bangchak subsidiary Bangchak Initiative and Innovation Centre, told The Nation the funds will be allocated to US, China and Europe-based companies between 2019 and 2024.
The corporate’s biotech deals will focus on bioplastics, nutrition and battery technologies, while the renewables portion will consist of rooftop solar, wind turbine and electric vehicle technology providers.
Bangchak has already made some investments, backing four companies across the US and South America, including a battery technology developer and the creator of a small-scale turbine for home use.
Meemook said: “We want to expand businesses now in oil and gas into bio-based and green energy businesses. Therefore, we will develop and produce high-value products to support both domestic and international market demand.
“We will also set up a corporate innovation framework, the Bangchak Innovation Culture Initiative and innovation activities, to support innovative business at every angle from the bottom to top management.”
