Energy Absolute
Energy Absolute (SET: EA) is Thailand's listed pure-play renewable, EV-value-chain operator. Core businesses span solar, wind, biodiesel (energy segment), EV buses (Mine Mobility), EV charging (EA Anywhere), and battery manufacturing (Amita Technology). FY2024 revenue in the THB 25-30B range with significant volatility through 2023-2024 on leadership changes, capital-structure concerns. The investment thesis is Thai energy-transition, EV-manufacturing vertical integration; execution, governance risk has been the ongoing challenge.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
THB 25-30B
FY2024
Segments
Energy (solar/wind/biodiesel), EV (buses/charging/battery)
FY2024
EV bus brand
Mine Mobility
FY2024
Charging network
EA Anywhere
FY2024
Listing
SET: EA
2013
What this company actually does
Energy Absolute runs Thailand's deepest listed integration of renewable power, EV manufacturing. The energy segment combines solar, wind, biodiesel production (Phitsanulok palm biodiesel being the largest). The EV segment has three pillars: Mine Mobility (electric buses, MAJOR share of Bangkok's public-bus EV conversion), EA Anywhere (nationwide EV charging network with hundreds of stations), and Amita Technology (lithium-iron-phosphate battery manufacturing in Thailand). No other listed Thai company has this vertical integration across renewable, EV.[]
The execution reality is complicated. 2023-2024 brought leadership changes, capital-structure concerns, and equity volatility that made EA a more difficult investment case than the pure strategic positioning would suggest. For investors, EA is the highest-beta pure-play on Thai energy, EV transition — with meaningful governance and execution risk that the 2025-2026 period will test. Post-turbulence stabilisation (if it materialises) is the primary upside; continued governance issues are the downside.[]
Business segments
Energy (solar, wind, biodiesel)
~1,200 MW renewable capacity
Solar farms (~900 MW), wind farms (~300 MW across Central and Northeast Thailand), and biodiesel (palm, used-cooking-oil feedstock in Phitsanulok). Energy segment provides contracted PPA revenue base; biodiesel supply fluctuates with palm feedstock pricing. Stable cash flow anchor of the group.
Mine Mobility
EV bus manufacturer
Thailand's first locally assembled electric bus brand. Supplies the Bangkok Metropolitan Administration (BMTA) bus-electrification programme and private fleet operators. Mine Mobility buses use Amita LFP battery packs, creating vertical integration. Fleet sold as of FY2024: approximately 100-200 units delivered.
EA Anywhere
EV charging network, 1,000+ stations
Thailand's largest independent EV charging network by station count, operating DC fast and AC Level-2 chargers at highway rest stops, shopping malls, hotels, and condominiums. Operates on a fee-per-charge model. Revenue still modest vs energy segment but growing with EV fleet adoption.
Amita Technology
LFP battery manufacturing
Joint venture with Amita Technologies (Taiwan) producing lithium iron phosphate battery cells and packs in Thailand. Supplies Mine Mobility buses and EA Anywhere storage. Designed for domestic EV and energy-storage-system markets. Production ramp-up delayed by 2023-2024 governance issues.
Peer comparison — Thai renewable and EV-chain operators
FY2024 estimates. Sources: company 56-1 filings and analyst estimates.
Ticker
SET:EA
FY2024 revenue
$0.725-30B
Capacity / scale
~1,200 MW renewable
Primary focus
Renewable, EV bus, charging, battery
| Entity | Ticker | FY2024 revenue | Capacity / scale | Primary focus |
|---|---|---|---|---|
| Energy Absolute | SET:EA | $0.725-30B | ~1,200 MW renewable | Renewable, EV bus, charging, battery |
| B.Grimm Power | SET:BGRIM | ~ $1.74B | 4GW+ | Industrial SPP cogen, renewables |
| Gulf Energy | SET:GULF | ~ $4.35B | 8GW+ | IPP gas, renewable, telecom |
| GPSC | SET:GPSC | ~ $1.45B | ~3,000 MW | PTT Group IPP, SPP, storage |
Key drivers 2025-2026
Governance recovery
Post-turbulence stabilisation
2023-2024 brought leadership changes, capital-structure concerns, and equity price collapse. The primary FY2025 question is whether new management restores governance credibility and refinances short-term debt. Insider pledging disclosures are the key monitoring point.
BMTA bus programme
Mine Mobility volume ramp
Bangkok bus-fleet electrification (BMTA contract) provides a captive demand channel if delivery schedules are met. Order-book execution, per-unit margin, and BMTA payment schedule are the binding variables for EV-bus revenue in FY2025-2026.
EV adoption rate
EA Anywhere utilisation
Thailand EV registrations hit approximately 70,000-90,000 vehicles FY2024 — still early mass-market. EA Anywhere station utilisation rises directly with fleet size. Watch BOT and NEVI-equivalent scheme signals that could subsidise charging infrastructure buildout.
Watchpoints for the next annual report
Post-turbulence stabilisation
Governance, capital structure, leadership clarity through FY2025.
Mine Mobility EV bus volume
Bangkok BMTA conversion, municipal bus-fleet electrification.
EA Anywhere charging network
Station count, utilisation; Thailand EV-charging market share.
Amita Technology battery output
LFP battery production for domestic, export; partnership pipeline.
Related Market profiles
Peers, parents, partners, agencies, and other Renewable Energy actors.
Competitor
Gulf Energy Development
Diversified listed energy peer with different strategic shape.
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Competitor
BYD Thailand
Chinese BEV entrant competing for Thai EV market.
Open Market profile →
Sector peer
BCPG Public Company Limited
Bangchak-linked listed renewable power developer and operator.
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Sector peer
B.Grimm renewable-power platform
SET-listed Thai SPP / IPP; SET:BGRIM; gas-fired cogeneration, renewable portfolio; B.Grimm family-controlled.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Energy Absolute (SET: EA) FY2024 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Energy Absolute (SET: EA) FY2024 56-1 | Energy Absolute PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Floating Solar & Hybrid Hydro 2027 Market Intelligence
Energy Absolute renewable hybrid strategy targets 140-200 MW floating-solar by 2027 with battery storage integration on industrial reservoirs and EGAT IPP sites; investor day disclosure March 2026.
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Sits alongside 5 other Atlas profilesThailand Plastic-to-Fuel Pyrolysis Recycling 2027 Market Intelligence
Energy Absolute (SET:EA) February 2026 strategy update flagged a plastic-to-fuel co-investment pilot at Rayong linked to End-of-Life Vehicle shredder residue plus EA battery recycling integration.
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Sits alongside 4 other Atlas profilesThailand Maritime Bunker & Green Methanol 2027 Market Intelligence
Energy Absolute (SET:EA) plus subsidiary EA Amita Technology own the 250 kt per year Rayong green ammonia plant (electrolysis-fed Haber-Bosch, commissioning 2026), the largest disclosed Thai marine-gr
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Sits alongside 3 other Atlas profilesThailand Solar Carport & EV Microgrid 2027 Market Intelligence
EA Anywhere DC fast-charging network, solar bundling, MINE Mobility fleet ties
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Sits alongside 4 other Atlas profilesThailand Solar Rooftop & Net Metering 2027 Market Intelligence
EA solar generation footprint plus EA Anywhere co-location synergy (SET: EA)
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Sits alongside 6 other Atlas profilesThailand Green Hydrogen and Ammonia 2027 Market Intelligence
Renewable IPP, Amita battery gigafactory, candidate H2 pilot host
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Sits alongside 6 other Atlas profilesThailand EV Charging Infrastructure 2027 Market Intelligence
~550 stations, ~2,800 connectors Q1 2025; integrated with MINE Mobility and AMITA battery
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Sits alongside 8 other Atlas profilesThailand Environmental & Carbon Credit Services Market Intelligence
Solar, biodiesel, EV bus T-VER credit issuer
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Sits alongside 5 other Atlas profilesBangkok Bus Network: BMTA, Microvan, Songthaew, and the Public-Transit Reality
EA-supplied EV-bus replacement programme.
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Sits alongside 3 other Atlas profilesThai Renewable Energy: BCPG, GPSC, EA Energy Absolute, and the PDP 2037 50% Renewable Target
Sompote-Ahunai-controlled; EV, renewable, battery.
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Sits alongside 5 other Atlas profilesThai Electricity: EGAT, MEA, PEA, and the 2025 PDP Power Development Plan
SET-listed; Sompote-Ahunai green-energy, EV.
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Sits alongside 5 other Atlas profilesThailand Renewable Energy Market Intelligence
Pure-play Thai renewable, EV-value-chain; THB 25-30B FY2024; Mine Mobility, EA Anywhere, Amita.
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Sits alongside 6 other Atlas profilesThailand Environmental & Carbon Services Market Intelligence
EA renewable energy, T-VER carbon credit generation potential.
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Sits alongside 7 other Atlas profilesThailand Energy Storage & Batteries Market Intelligence
EA lithium-ion, EV battery production, Amita Technology.
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Sits alongside 8 other Atlas profilesThailand EV Battery Supply Chain Deep Dive
EA Amita Technology gigafactory — lithium-ion cell manufacturing for EV, ESS.
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Sits alongside 3 other Atlas profilesThailand EV Charging Network Deep Dive
EA Anywhere Thai EV charging network paired with Amita battery, MINE Mobility.
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Sits alongside 6 other Atlas profilesThailand Renewable PPA Economics Deep Dive
Energy Absolute solar, wind, battery, EV charging.
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Sits alongside 4 other Atlas profilesThailand Solar Rooftop Economics Deep Dive
EA solar, wind, battery integrated.
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Sits alongside 3 other Atlas profiles