Thaioil, Thailand’s largest oil refinery and supplier of petroleum products, has partnered with Plug & Play Tech Center, a Silicon Valley-based innovation platform, to drive business growth and accelerate Thailand’s energy sector to a smart manufacturing and sustainable future.

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 start-up companies around the world.

“Quality leads with robust engagement approach to such technologies are critical for success of the programme,” said Pongpun Amornvivat, executive vice president at Thaioil. “Access to Plug & Play’s ecosystem of over 10,000 start-ups focused on transforming the energy sector helps us bring innovative technology to fruition faster.”

TOP Ventures has a firm hold on three blueprints for investments: 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 provide diversity to the current hydrocarbon-based portfolio.

“Our CVC programme strives for value creation to both start-up ecosystem and Thaioil and subsidiaries,” said Luck Saraya, managing director at TOP Ventures. “The programme is built on three cornerstones: our investment thesis, deal and partnership leads and knowledge from our partner Plug and Play, and our commitment to environmental, social and governance practice.”

Thaioil joins Plug & Play with other corporations in the Thailand smart cities programme: Charoen Pokphand Group, PTT Group, Bangkok Dusit Medical Services, KE Group, Filinvest Development, and Bangchak.

“Our renewable energy and sustainability mission under Plug & Play Thailand smart cities programme align well with Thaioil’s commitment to reduce emissions and transition towards Industry 4.0,” said Shawn Dehpanah, executive vice president at Plug & Play Tech Center. “We are incredibly excited for this partnership and look forward to Thaioil’s engagement with our innovation ecosystem with global connections.”

Founded in 1961, Thaioil operates one of the most efficient refineries in Asia Pacific with a capacity of 275,000 barrels per day.

Headquartered in Silicon Valley, Plug & Play has built accelerator programmes, corporate innovation services and an in-house VC to help technological advancement progress faster. Since inception in 2006, its programmes have expanded worldwide to include a presence in 32 locations globally giving start-ups the resources to succeed in Silicon Valley and beyond. Companies in its community have raised over $9bn.