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Business trends

Thailand's Energy Absolute to pour $3bn into battery 'gigafactory'

Company negotiating with up to five partners including state oil group PTT

Energy Absolute CEO Somphote Ahunai poses next to the company's electric concept car at the Bangkok International Motor Show in March.

BANGKOK -- Thai renewable power technology company Energy Absolute plans to invest $3 billion in an enormous battery "gigafactory," betting electric vehicles and smart grids will soon catch on in Southeast Asia.

Deputy CEO Amorn Sapthaweekul told local media that the company is in talks with four or five Thai energy companies, including state-owned oil and gas group PTT, to share the investment.

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