An electric vehicle (EV) startup backed by the Hong Kong government’s investment arm has partnered with a Thai energy company in the first partnership of its kind overseas. Together, they will provide green transportation solutions.
Spark and Bangchak, backed by the Hong Kong Investment Corporation (HKIC), plan to install more than 1,000 electric car charging stations in Thailand over the next five years, as they expand the Southeast Asian country’s electric vehicle charging network as battery-powered cars become increasingly popular.
“Hong Kong is proud to support Thailand’s green transformation with the help of advanced technologies developed by our technology companies, bringing our experience, innovation and expertise,” Finance Minister Paul Chan Mo-po said on Thursday.
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The collaboration strengthens Hong Kong’s ambition to become an international hub for green technology and green finance and to help build a vibrant green technology ecosystem in Southeast Asia, he added.
Thailand’s electric vehicle sector is growing as the country aims to maximize greenhouse gas emissions by 2030, become carbon neutral by 2050 and achieve net zero greenhouse gas emissions by 2065. According to a government plan, Thailand aims to convert 30 percent of its annual production of 2.5 million vehicles to electric cars by 2030.
According to Chaturont Chaiyakam, Consul General of Thailand in Hong Kong, seven Chinese EV companies have set up shop in Thailand, including the world’s largest EV manufacturer BYD, Aion, Great Wall and Chery.
Hong Kong companies have great advantages in the electric vehicle charging ecosystem, said Vincent Yip Shiu-hong, CEO of Spark. He cited the support of mainland China, the world’s largest electric vehicle market, in advanced research and development and manufacturing, skilled professionals and large-scale consumer data analysis.
While at least three charging stations are already operational in Thailand, the two companies expect the first phase of 250 electric vehicle charging facilities to be completed by mid-2025, 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 further expand strategic cooperation in advanced technology and biotechnology by focusing on the theme of green technology, she said.
“We support Spark in introducing Hong Kong’s green technology overseas.”
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