Based on press release issued by Thai Oil Public Company Limited, Thailand’s largest oil refinery and supplier of petroleum products, has partnered with Plug and Play Tech Center, a global innovation platform based in Silicon Valley, to help drive business growth opportunities and accelerate their ambition to lead Thailand’s energy sector to a smart manufacturing and sustainable future.
Thaioil’s venture capital arm “TOP Ventures” reflects the company’s commitment to its vision to Empower Human Life through Sustainable Energy and Chemicals as it seeks to invest and build partnership with outstanding startup companies around the world.
“Quality leads with robust engagement approach to such technologies are critical for success of the program. Access to Plug and Play’s ecosystem of over 10,000 startups focused on transforming the energy sector helps us bring innovative technology solutions to fruition faster,” said Pongpun Amornvivat, Executive Vice President Innovation and Digitalization at Thai Oil PCL.
TOP Ventures have a firm hold on three blueprints for investments including: Industrial Technology that enhances efficiency and safety of the enterprise, Sustainability Technology that extends their current business into environmentally friendly products and technology, as well as into high value product and circular economy and New Mobility and Energy Technology that provides diversity to the current hydrocarbon-based portfolio.
“Our CVC program strives for value creation to both startup ecosystem and Thaioil and Subsidiaries. The program is built on 3 cornerstones: our investment thesis, deal and partnership leads and knowledge from our partner Plug and Play and our commitment to environmental, social and governance (ESG) practice,” said Luck Saraya, Managing Director at TOP Ventures by Thaioil.
“Our renewable energy and sustainability mission under Plug and Play Thailand Smart Cities Program align well with Thaioil’s commitment to reduce emissions and transition towards Industry 4.0. We are incredibly excited for this partnership and look forward to Thaioil’s engagement with our innovation ecosystem with global connections,” said Shawn Dehpanah, Executive Vice President and Head of Corporate Innovation APAC at Plug and Play Tech Center.
Thaioil joins Plug and Play with 7 corporations in their Thailand Smart Cities Program, including Charoen Pokphand Group (C.P. Group), PTT Group Plc, Bangkok Dusit Medical Services (BDMS), K.E. Group, Filinvest Development Corporation, and Bangchak.
SOURCE Plug and Play
