The investments will be made over the next five years, Suwat Meemook, executive vice president of Bangchak Initiative and Innovation Centre (BIIC), a part of Bangchak Corporation, tells The Nation.
The company is looking specifically for startups developing innovative products in bioplastics, nutrition and batteries. The company will also invest in solar roofs, wind turbines and e-vehicle power plants.
“We want to expand businesses now in oil and gas into bio-based and green-energy businesses. Therefore, we will develop and produce high-value products to support both domestic and international market demand. We will also set up a corporate innovation framework, the Bangchak Innovation Culture Initiative and innovation activities, to support innovative business at every angle from the bottom to top management,” Meemook adds.