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Energy Absolute: Somphote Ahunai's Renewable Energy Venture Since 2006
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Heartspace News Desk
•Source: Forbes
Photo by Matthew Moloney on Unsplash
TL;DR
Somphote Ahunai established Energy Absolute in 2006, focusing on renewable energy before expanding into electric vehicles, which included opening a battery gigafactory in 2021. Energy Absolute delivered 2,264 EVs in 2023 and has a charging station network. In 2023, Energy Absolute's shares declined and in June 2024, Ahunai sold some pledged shares.
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Key takeaways
- In 2006, former securities trader Somphote Ahunai founded Energy Absolute, a renewable energy company that went public in 2013
- Since then, Energy Absolute has strategically expanded into the electric vehicle (EV) sector
- Key initiatives include a $3 billion battery gigafactory, operational since 2021, and the manufacturing of electric vehicles, including cars and buses, through its subsidiaries
In 2006, former securities trader Somphote Ahunai founded Energy Absolute, a renewable energy company that went public in 2013. Since then, Energy Absolute has strategically expanded into the electric vehicle (EV) sector.
Key initiatives include a $3 billion battery gigafactory, operational since 2021, and the manufacturing of electric vehicles, including cars and buses, through its subsidiaries. To support EV adoption and market penetration, Energy Absolute has established a network of over 2,500 EV charging stations at nearly 500 locations. In 2023, the company delivered 2,264 electric buses, trucks, and mini-trucks.
However, Energy Absolute's shares experienced a decline in 2023 amid investor concerns regarding debt incurred to finance the EV expansion. In June 2024, Somphote Ahunai was required to sell a portion of his pledged shares.
Related Topics
Somphote AhunaiEnergy Absoluterenewable energyIPOcleantech
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