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Tilleke & Gibbins recently advised 24M Technologies, a leading US-based lithium-ion battery cell manufacturer, on its acquisition of battery manufacturing and research and development facilities in Rayong, Thailand from Nuovo Plus, the electric vehicle (EV) battery manufacturing subsidiary of Thai corporates Global Power Synergy PCL and PTT PCL. The acquisition is valued at USD 51.1 million.
Led by Supasit Boonsanong and Charuwan Charoonchitsathian, together with Prisna Sungwanna, Napassorn Lertussavavivat, Thananya Pholchaniko, Chanchai Jhongsathit, and Karnravee Jitvilai, our energy team advised on all aspects of the transaction. This included conducting legal due diligence, reviewing and negotiating the transaction documents, setting up the company, assisting with the merger control obligation analysis, obtaining BOI and IEAT licenses, and assisting with the signing, closing, and subsequent matters after the closing on August 30, 2024.
Known for providing transformative battery solutions for EVs, 24M Technologies’ investment in Thailand highlights the growing trend of interest and investment in the EV sector across Southeast Asia.