Mekha V, WHAUP, and Sertis launch "RENEX Technology"
(March 2023) Dr. Buranin Rattanasombat, Chief New Business and Infrastructure Officer of PTT Public Company Limited, had the honor of signing a joint venture agreement to establish "RENEX Technology", a company that will develop and invest in a digital platform for Peer-to-Peer Energy Trading, catering to industrial customers and other users of renewable energy-generated electricity. Mr. Charn Kulpatnirun, CEO of Mekha V Co., Ltd., Mr. Somkiat Masunthasuwun, CEO of WHA Utilities & Power Public Company Limited., Mr. Akarin Prathuangsit, COO of WHA Utilities & Power Public Company Limited, and Mr. Thuchakorn Vachiramon, CEO of Sertis AI Energy Co., Ltd., recently signed an agreement alongside other executives from related organizations as witnesses to establish RENEX Technology, a joint venture company aimed at developing and providing a digital platform for peer-to-peer energy trading. The platform will enable direct electricity trading between producers and consumers without intermediaries, using a Two-Sided Bidding Algorithm and blockchain technology to enhance transaction security and convenience for both parties.
Dr. Buranin Rattanasombat, Chief New Business and Infrastructure Officer of PTT Public Company Limited., stated that this joint venture aligned with the company's investment strategy to embark on the energy business and other businesses beyond PTT's existing energy focus. PTT has sent its flagship AI, robotics, and digitalization company, Mekha V Co., Ltd., to participate in the investment with WHA Utilities and Power Public Company Limited (WHAUP) and Sertis Co., Ltd., both of which specialize in managing energy innovation. RENEX is a platform for trading renewable energy, using blockchain technology, allowing efficient trading between producers and consumers through real-world testing in the ERC Sandbox program to support the future growth of the energy industry. This investment is a significant step in promoting the use of clean energy and driving the country towards achieving carbon neutrality and net-zero emissions. PTT is committed to utilizing new technologies and innovations to respond to the country's new economic development needs and meet the demand from businesses for environmentally friendly energy sources.
Mr. Somkiat Masunthasuwun, CEO of WHA Utilities & Power Public Company Limited., said that as a provider of public utility and energy systems both within and outside of WHA Group’s industrial estates, the company focused on developing solutions for public utility businesses and continuously developing new renewable energy sources. This investment aims to align with WHAUP's approach of investing in solar energy business in conjunction with developing various technologies to increase the stability and reduce the cost of electricity. Furthermore, it also supports the use of clean energy for customers within the WHA industrial estate, leading to the development of a peer-to-peer energy trading system “RENEX”, which is an energy trading platform that utilizes AI and blockchain technology to increase transaction security efficiency between electricity producers and consumers. The establishment of the joint venture company, RENEX Technology, reflects the dedication of us three, as leading organizations with strong and efficient management, including, Mekha V Co., Ltd., WHA Future Energy Solution Co., Ltd., a subsidiary of WHAUP, and Sertis AI Energy Co., Ltd. to create renewable energy solutions for businesses and communities.
Mr. Thuchakorn Vachiramon, CEO of Sertis Co., Ltd. and Sertis AI Energy Co., Ltd., revealed that this joint venture with Mekha V and WHAUP is one of the company's objectives to become "The Trusted AI Engine for the World." This objective is likened to a core driving force to drive the various business groups with artificial intelligence (AI) and other digital technologies to promote and expand business opportunities, especially in the energy industry, which is considered as a key industry at the national level, as well as other areas that can enhance the potential of business operations with technology. Therefore, we have joined forces with PTT in developing the RENEX digital platform for peer-to-peer energy trading for the industrial sector, with blockchain technology as a fundamental key to the platform. The platform allows users to buy and sell solar energy, making transactions more secure and transparent between users in the industrial estates, through a system of matching, bidding, and invoicing to improve transaction security and help create environmental balance. Moreover, the amount of electricity is also verified by the Provincial Electricity Authority (PEA). We hope that this platform will not only benefit users but also be an integral step in supporting policies on clean energy use and achieving the goal of reducing net greenhouse gas emissions to zero.