BANGKOK, Oct. 27, 2020 /PRNewswire/ -- 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.
From left to right: Luck Saraya - Managing Director at TOP Ventures by Thaioil, Pongpun Amornvivat - Executive Vice President Innovation and Digitalization at Thai Oil PCL, Shawn Dehpanah - Executive Vice President and Head of Corporate Innovation APAC at Plug and Play Tech Center, and Tanya Tongwaranan - Program Manager Thailand at Plug and Play Tech Center.
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.
Founded in 1961, Thai Oil Plc operate one of the most efficient refineries in Asia Pacific with the current capacity of 275,000 barrels per day. Thaioil operates under the Operational Excellence principle, operating as an integrated group of businesses in oil refinery, petrochemicals and lube base oil with supporting businesses, e.g. power generation, solvents, logistics and renewable energy generation, LAB: an intermediate in the production of surfactants, marine and pipeline transportation and storage services of crude, petroleum and petrochemical products. For more information, visit https://www.thaioilgroup.com
About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in 32 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 400 official corporate partners, we have created the ultimate startup ecosystem in many industries. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Rappi, Dropbox, Lending Club and PayPal. For more information, visit https://www.plugandplayapac.com/smart-cities.