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CNX Vinyl
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A full-chain vinyl record plant for Asia-Pacific, in Chiang Mai, Thailand
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Investment proposal: Plan B, ~215M THB, the launch plant with everything in. October 2026, draft. Plan A, the lowest-capital variant (~182M THB), appears only as the comparison.
+
A full-chain vinyl record plant for Asia-Pacific in Chiang Mai, Thailand
+
We propose Plan B, ~215M THB: the launch plant with every item included. This is a draft of October 2026. Plan A, the lowest-capital variant (~182M THB), appears only as a comparison.
-
~217M
THB at the midpoint (~6.56M USD), labelled ~215M: ramp-up reserve in, no contingency
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0.58 to 0.90M
records a year at 60 % specials on three Newbilt presses est.
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Whole chain
cutting, galvanics, stamper prep and pressing in-house from the first release
+
~217M
THB at the midpoint (~6.56M USD), labeled ~215M; ramp-up reserve in, no contingency
+
0.58 to 0.90M
records a year at 60% specials on three Newbilt presses est.
+
Whole chain
cutting, galvanics, stamper prep and pressing, all in-house from the first release
Simona Meesaiyati, Project Lead · Alexander Grabowski, Technical Consultant · supported by buildfor.life · label name Poy Records
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- Plan B as the plant and business plan calculator draws it: the owned ~520 kWp array on the factory roof, office roof and canopies PV-ready. Schematic, on the Payap scenario layout and a placeholder plot; the site is not decided.
+
+ Plan B as the plant and business plan calculator draws it: the owned ~520 kWp array sits on the factory roof, and the office roof and canopies are ready for PV. The drawing is schematic, on the Payap scenario layout and a placeholder plot; the site is not decided.
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Source: business plan B, draft 0.3 (October 2026), cover and section 1; total-investment.md "Two plans". Render: fleet-calculator.html, Plan B preset (business plan B, figure 8). The price includes the 10M to 20M THB ramp-up reserve and carries no contingency.
+
Sources: business plan B, draft 0.3 (October 2026), cover and section 1; total-investment.md, section "Two plans". The render is from fleet-calculator.html, Plan B preset (business plan B, figure 8). The price includes the 10M to 20M THB ramp-up reserve and carries no contingency.
Labels in Southeast Asia, Australia and much of East Asia ship masters there, wait in those queues and pay freight and time zones on top.
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10 to 16 weeks
roughly, for a standard black LP at European and US plants today, after 6 to 9 months at the 2021 to 2022 peak.
+
Europe, the US, Japan
Labels in Southeast Asia, Australia and much of East Asia send their masters there, wait in those queues, pay the freight and work across time zones.
+
10 to 16 weeks
is roughly the wait for a standard black LP at European and US plants today, down from 6 to 9 months at the 2021 to 2022 peak.
One shop
The one Thai pressing shop we have seen presses only: it buys its stampers abroad, has no climate control, and cannot economically serve runs under 300 units.
Price per record: the two market data points on file
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Scopes differ. Europe: black pressing with printed labels and a paper inner sleeve at 300 copies. CNX: the plan's assumed price, USD 3.76 to 5.27, covering pressing, labels, inner sleeve and assembly at 60 % specials. Thailand: the per-unit price from the August 2026 invoices (650 to 950 THB all-in at 300), a printed jacket included; several times the CNX assumption even after 100 to 150 THB for the jacket.
+
The scopes differ. The European price is for black pressing with printed labels and a paper inner sleeve at 300 copies. The CNX price is the plan's assumption, USD 3.76 to 5.27, for pressing, labels, inner sleeve and assembly at 60% specials. The Thai price is the per-unit price on the August 2026 invoices (650 to 950 THB all-in at 300) and includes a printed jacket; even with 100 to 150 THB taken off for the jacket, it is several times the CNX assumption.
What is still open
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Market validation is open (roadmap item 1): no buyer prices yet. The Thai data is one buyer, one plant, one afternoon.
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Making Vinyl Europe, Haarlem: strong supplier interest in full traceability. Supply-side evidence, not buyer validation.
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Market validation is still open (roadmap item 1), and we have no buyer prices yet. The Thai data comes from one buyer, one plant and one afternoon.
+
At Making Vinyl Europe in Haarlem, suppliers showed strong interest in full traceability. Their interest is real, but it does not show what buyers will pay.
The plan keeps its assumed price until buyers have been asked.
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We compete on capability, not on price: in-house plating, climate control, metrology, traceability, short runs and represses from archived metal.
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We compete on capability: in-house plating, climate control, metrology, traceability, short runs and represses from archived metal. We do not plan to win orders on price.
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Source: business plan B, sections 1, 3.1 to 3.3 and 9.1; revenue-model.md "First market data point" and "Record Industry's calculator"; roadmap.md item 1. THB at 33 per USD.
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Sources: business plan B, sections 1, 3.1 to 3.3 and 9.1; revenue-model.md, sections "First market data point" and "Record Industry's calculator"; roadmap.md, item 1. Prices are converted at 33 THB per USD.
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+
What we build
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The complete vinyl chain under one roof, bought in one capital round
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One capital round buys the complete vinyl chain under one roof
One Newbilt Duplex system (two semi-automatic HRP 12, EX 50 main and EX 35 colour extruder) and one Newbilt Classic, fully automatic
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0.58 to 0.90M
records a year on two shifts at 60 % specials, central 0.74M est.; 0.71 to 0.97M at a standard-heavy mix
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60 %+
special pressings: splatter, marble, colour effects. They run only on the Duplex, which sets the pace
+
3 presses
One Newbilt Duplex system (two semi-automatic HRP 12 presses, an EX 50 main and an EX 35 color extruder) and one fully automatic Newbilt Classic
+
0.58 to 0.90M
records a year on two shifts at 60% specials, central case 0.74M est.; 0.71 to 0.97M at a standard-heavy mix
+
60%+
special pressings (splatter, marble, color effects). They run only on the Duplex, so the Duplex sets the pace.
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Metal archive: the father and the mother of every side are kept, so a repress starts from our own metal: 2 to 3 weeks from an archived mother (planning figure).
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Also from launch: cassette and CD-R duplication in-house. Full CD replication is a separate investor decision, outside the price.
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Growth from revenue, not in the plan price: a second Duplex system lifts output to ~1.0 to 1.5M records a year; its floor, utility positions and pipe tees are reserved.
+
We keep the father and the mother of every side in a metal archive, so a repress starts from our own metal and takes 2 to 3 weeks from an archived mother (planning figure).
+
Cassette and CD-R duplication also run in-house from launch. Full CD replication is a separate decision for the investor and is not in the price.
+
A second Duplex system would lift output to ~1.0 to 1.5M records a year. Revenue pays for it, so it is not in the plan price; its floor space, utility positions and pipe tees are reserved.
- Press hall, Plan B preset: Duplex system 1 and the Classic, the 5 t crane, the visitor corridor and the cassette and CD-R rooms; dashed bays reserved for growth. Schematic (fleet-calculator.html).
+ The press hall in the Plan B preset: Duplex system 1 and the Classic, the 5 t crane, the visitor corridor, and the cassette and CD-R rooms. Dashed bays are reserved for growth. Schematic, from fleet-calculator.html.
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Source: business plan B, sections 1, 4.0 to 4.4, 4.7 and 4.9, figure 10; total-investment.md "Launch plant"; scale.md; production-timeline.md; equipment/pressing-line.md.
+
Sources: business plan B, sections 1, 4.0 to 4.4, 4.7 and 4.9, and figure 10; total-investment.md, section "Launch plant"; scale.md; production-timeline.md; equipment/pressing-line.md.
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+
How a record is made here
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Nine stages, three artist approval gates, every record traceable
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Every record is traceable through nine stages and three artist approvals
A record's key is stamper + press + cycle timestamp + side. Logs are append-only; a complaint resolves to one stamper, press, shift and material lot.
+
Traceability
A record's key is stamper + press + cycle timestamp + side. The logs are append-only, so a complaint traces back to one stamper, press, shift and material lot.
One system of record
ERPNext holds orders, gates, job cards, stock, inspections and metal-part genealogy; machine data sits beside it, keyed to the same names.
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Layered quality control
Inline optical inspection of every record, press telemetry every cycle, sampled audio comparison against the master; a lab gate for every PVC lot.
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Metrology and climate
Every stamper measured from the first release: XRF, laser confocal, wide-area profiler. The plant at 20 to 26 °C, 35 to 60 % RH, filtered.
+
Layered quality control
Every record passes inline optical inspection, the press logs every cycle, and audio is compared with the master on samples. Every PVC lot passes a lab gate.
+
Metrology and climate
Every stamper is measured from the first release by XRF, laser confocal and a wide-area profiler. The plant is kept at 20 to 26 °C and 35 to 60% RH, with filtered air.
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100 %
of records through inline optical inspection
+
100%
of records through inline optical inspection
3 gates
artist approvals recorded before work continues
~10 sets
of stampers per archived mother; 5 to 10 mothers per father (rules of thumb)
- Record passport demo: what a fan sees from the code on the sleeve (IDs simulated, make-a-record.html).
+ The record passport demo shows what a fan sees from the code on the sleeve (IDs simulated; make-a-record.html).
-
Source: process-flow.md; traceability.md; quality-automation.md; digital-factory.md; business plan B, sections 1, 4 and 5.1 to 5.3.
+
Sources: process-flow.md; traceability.md; quality-automation.md; digital-factory.md; business plan B, sections 1, 4 and 5.1 to 5.3.
-
+
The platform
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One order tool: an itemised quote, or a pressing funded by fans
+
One order tool gives an itemized quote or lets fans fund the pressing
- Step 4 with the "Splatter 12"" preset: the picture follows every option, the quote card every line. Prices and dates indicative, not an offer.
+ Step 4 with the "Splatter 12"" preset: the picture changes with every option and the quote card with every line. Prices and dates are indicative and do not form an offer.
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An itemised offer for every customer
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Every line priced from one price list, per title and per copy, with audio and artwork checked at upload. ERPNext is the system of record: the order, the three gates and the invoice live there. Public early with indicative prices, so every configuration is market data.
+
An itemized offer for every customer
+
Every line is priced from one price list, per title and per copy, and audio and artwork are checked at upload. ERPNext is the system of record and holds the order, the three gates and the invoice. The tool goes public early with indicative prices, so every configuration becomes market data.
- The same record funded by fans: at 1,200 THB a copy it needs 100 fans (break-even 46), and the artist keeps ~480 THB a copy after setup, pressing and fees. Indicative; the platform's name is not decided.
+ The same record funded by fans: at 1,200 THB a copy it needs 100 fans (break-even is 46), and the artist keeps ~480 THB a copy after setup, pressing and fees. The figures are indicative, and the platform's name is not decided.
Fan-funded campaigns
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Fans pre-order into a ring-fenced account and are refunded automatically if the goal is missed (the recommended model). The fans needed are the larger of break-even and the 100-copy minimum run, a planning figure. Campaigns open only after the first releases ship.
+
Fans pre-order into a ring-fenced account and are refunded automatically if the goal is missed (the recommended model). The number of fans needed is the larger of break-even and the 100-copy minimum run, a planning figure. Campaigns open only after the first releases ship.
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Source: artist-platform.md ("The goal", campaigns and payments); business plan B, sections 4.8 and 5.1; digital-factory.md "ERPNext: the plant's ERP". Screenshots: order.html, the step-by-step order tool (demo). Public side ~USD 40k to 90k est., inside the software block.
+
Sources: artist-platform.md ("The goal", campaigns and payments); business plan B, sections 4.8 and 5.1; digital-factory.md, section "ERPNext: the plant's ERP". The screenshots are from order.html, the step-by-step order tool (demo). The public side costs ~USD 40k to 90k est., inside the software block.
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Site and building
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A ~1,500 m² plant on leased land, utilities built for four modules
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The ~1,500 m² plant on leased land has utility rooms for four modules
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- Ground floor with the roofs cut away, Plan B preset: galvanics, stamper prep, PVC lab, press hall, inspection, packaging and warehouse; the office with the cutting room; the 5 t crane, the visitor corridor and the 271 kWh battery. Schematic of the calculator's Payap scenario layout on a placeholder plot.
+
+ The ground floor with the roofs cut away, Plan B preset: galvanics, stamper prep, PVC lab, press hall, inspection, packaging and warehouse; the office with the cutting room; the 5 t crane, the visitor corridor and the 271 kWh battery. It is a schematic of the calculator's Payap scenario layout on a placeholder plot.
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Site
Long lease. Working candidate Mueang Chi (Lamphun); still an option: Payap University land, ~5 km from Chiang Mai's old city, once rezoned (Payap says it can be; ~16 to 19 months est.). Industrial estate as fallback. Nothing signed.
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Land
~4 rai minimum, 6 to 8 rai with expansion. Leasing keeps ~12M to 32M THB of land purchase out of the round; rent ~0.3M to 1.0M THB a year est.
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Building
Steel portal frame, 60 × 25 m (1,500 m²), with its own 5 t crane; 30 kN/m² slab raised 1.2 m for dock-height loading; insulated, airtight.
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Visitors
A glazed corridor in process order, built from the start: tours and the Payap programmes without stopping production.
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Utility yard
~379 m²: boiler hall and chiller compound for four modules each. Launch: two 500 kg/h biomass boilers, two 250 kW chillers, Thai-supplied.
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Roof
~520 kWp PV on the factory roof and a 271 kWh battery, owned est.; office roof and canopies PV-ready.
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Growth
Duplex bays and utility positions reserved; a 45 × 38 m (1,710 m²) second building fits the Mueang Chi plot.
+
Site
We plan a long lease. Mueang Chi (Lamphun) is the working candidate. Payap University land, ~5 km from Chiang Mai's old city, is still an option once rezoned (Payap says it can be; ~16 to 19 months est.). An industrial estate is the fallback, and nothing is signed yet.
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Land
The plant needs ~4 rai at minimum, 6 to 8 rai with expansion. Leasing keeps ~12M to 32M THB of land purchase out of the round; rent is ~0.3M to 1.0M THB a year est.
+
Building
An insulated, airtight steel portal frame, 60 × 25 m (1,500 m²), with a 5 t crane and a 30 kN/m² slab raised 1.2 m for dock-height loading.
+
Visitors
A glazed corridor in process order is built from the start, so tours and the Payap programs do not stop production.
+
Utility yard
The ~379 m² yard has a boiler hall and a chiller compound for four modules each. At launch it holds two 500 kg/h biomass boilers and two 250 kW chillers from Thai suppliers.
+
Roof
We own ~520 kWp of PV on the factory roof and a 271 kWh battery est. The office roof and canopies are ready for PV.
+
Growth
Duplex bays and utility positions are reserved, and a second building of 45 × 38 m (1,710 m²) fits the Mueang Chi plot.
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Source: business plan B, sections 6.1 and 6.2; site-candidates.md; scale.md; crane-workshop-tours.md; Payap rezoning: land-listings/payap/rezoning-2026-10-20.md (Town Planning Act B.E. 2562, section 35; the planning department's amendment work plan, ~70 to 82 weeks). Render: fleet-calculator.html, Plan B preset (figure 9). The 60 × 25 m hall is the Mueang Chi design; the layout is fixed once a plot passes zoning and lease-ability.
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Sources: business plan B, sections 6.1 and 6.2; site-candidates.md; scale.md; crane-workshop-tours.md; for the Payap rezoning, land-listings/payap/rezoning-2026-10-20.md (Town Planning Act B.E. 2562, section 35; the planning department's amendment work plan, ~70 to 82 weeks). The render is from fleet-calculator.html, Plan B preset (figure 9). The 60 × 25 m hall is the Mueang Chi design; the layout is fixed once a plot passes zoning and lease-ability.
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+
Sustainability, utilities and the region
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Biomass steam, owned solar and zero liquid discharge, in the North
+
The plant uses biomass steam, owned solar and zero liquid discharge
Steam from biomass
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Two 500 kg/h modules on wood chips: ~0.67M THB of fuel a year against ~4.9M THB for electric steam, saving ~4.2M THB est. Grid demand ~264 kW instead of ~980 kW.
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Heat recovered first: flue-gas economiser, condensate return, a heat pump lifting the presses' ~60 °C cooling return into feedwater.
+
Two 500 kg/h modules burn wood chips: ~0.67M THB of fuel a year against ~4.9M THB for electric steam, a saving of ~4.2M THB est. Grid demand is ~264 kW instead of ~980 kW.
+
Heat is recovered first, by a flue-gas economizer, the condensate return and a heat pump that lifts the presses' ~60 °C cooling return into the feedwater.
Owned solar on the roof
~520 kWp
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~730 to 780 MWh a year, ~87 % used on site: ~633 MWh, ~61 % of the plant's ~1,036 MWh est. Zero export on PEA's grid.
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Owned, with the 271 kWh battery: ~2.3M to 2.5M THB a year off the power bill, payback ~4.1 to 5.8 years est.
+
The array makes ~730 to 780 MWh a year, and ~87% is used on site: ~633 MWh, ~61% of the plant's ~1,036 MWh est. Nothing is exported to PEA's grid.
+
Owned with the 271 kWh battery, it takes ~2.3M to 2.5M THB a year off the power bill and pays back in ~4.1 to 5.8 years est.
Water and material
Zero
process water discharged
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Closed cooling loop. Galvanics rinse water goes through a zero-discharge evaporator with metal recovery, in its own treatment building.
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80 % virgin, 20 % regrind: edge trim and rejects are ground in-house and go back to the extruder.
+
The cooling loop is closed. Galvanics rinse water goes through a zero-discharge evaporator with metal recovery in a separate treatment building.
+
The presses run on 80% virgin material and 20% regrind: edge trim and rejects are ground in-house and go back to the extruder.
Northern Thailand
~15 to 25
jobs across shifts at volume est.
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Skilled roles in galvanics, cutting, QC and IT; Payap University programmes from day one through the visitor corridor (under discussion).
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Chiang Mai, Lamphun and Lampang: the Northern Economic Corridor, promoted by BOI as a creative-economy base. Packaging from Chiang Mai.
+
The jobs include skilled roles in galvanics, cutting, QC and IT. Payap University programs can use the visitor corridor from day one (under discussion).
+
Chiang Mai, Lamphun and Lampang form the Northern Economic Corridor, which BOI promotes as a creative-economy base. Packaging comes from Chiang Mai.
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Biomass brings fuel contracts, a monsoon stock, ash handling, a 14 m stack with a dust collector and a certified boiler attendant; the stack is a visible point source in Chiang Mai's burning season, so dust control is drawn from the start.
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Source: business plan B, sections 1, 5.4, 8.4 and 12.1; biomass.md; sustainability.md "PV size with biomass steam" and "PV, not solar thermal"; boi.md "Regional angle"; scale.md. Fuel at ~850k records, planning price 1.35 to 2 THB/kg delivered.
+
Biomass brings fuel contracts, a monsoon stock, ash handling, a 14 m stack with a dust collector and a certified boiler attendant; the stack is a visible point source in Chiang Mai's burning season, so dust control is in the design from the start.
+
Sources: business plan B, sections 1, 5.4, 8.4 and 12.1; biomass.md; sustainability.md, sections "PV size with biomass steam" and "PV, not solar thermal"; boi.md, section "Regional angle"; scale.md. Fuel is costed at ~850k records and a planning price of 1.35 to 2 THB/kg delivered.
-
+
Investment, Plan B
-
Plan B: ~217M THB at the midpoint, the launch plant with everything in
+
Plan B builds the whole launch plant for ~217M THB at the midpoint
Plan B, block midpointlow to high end of the blockM THB est.
201.6M for the launch plant plus the 10M to 20M ramp-up reserve; ~156M to 277M from the low to the high end of every block. Labelled ~215M.
+
Plan B, the proposal
~217M THB ~6.56M USD
201.6M for the launch plant plus the 10M to 20M ramp-up reserve; ~156M to 277M from the low to the high end of every block. It is labeled ~215M.
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Plan A, the lowest-capital variant: the same plant with six cost levers~182M THB
+
Plan A, the lowest-capital variant, is the same plant with six cost levers~182M THB
What Plan B buys that Plan A leases or defers
In at launch in Plan B
Plan A instead
M THB
Solar ~520 kWp and 271 kWh battery, owned
Solar PPA
~14.7
-
Full metrology: confocal and profiler too
From revenue
~8.8
+
Full metrology, with confocal and profiler
From revenue
~8.8
Visitor corridor and accessible entrance
Built later
~3.6
Cassette and CD-R duplication
Added later
~4.0
5 t overhead crane, bought
Rented
~3.2
Compressor from a Thai supplier
Chinese route
~0.25
-
Together, at the midpoint
~34.5
+
Total at the midpoint
~34.5
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No contingency in the price (at 15 %: ~30M THB). Not in it: the central hydraulic plant, archive shelving, CD replication, financing costs, currency moves, duty and import VAT (BOI assumed).
+
The price carries no contingency (at 15% it would be ~30M THB). It also leaves out the central hydraulic plant, archive shelving, CD replication, financing costs, currency moves, and duty and import VAT (BOI assumed).
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Source: business plan B, sections 8.1 and 8.2; total-investment.md "Launch plant" and "Two plans". Block groups and their midpoints are arithmetic on the block ranges. Plan A: ~182M THB at the midpoint, ~132M to 233M low to high.
+
Sources: business plan B, sections 8.1 and 8.2; total-investment.md, sections "Launch plant" and "Two plans". The block groups and their midpoints are arithmetic on the block ranges. Plan A costs ~182M THB at the midpoint and ~132M to 233M from the low to the high end of every block.
-
+
Why Plan B
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Ownership and control, not a higher modelled return
-
Both plans build the same three presses and make the same records, so demand does not decide between them. The choice is ~35M THB more at launch for what Plan A leases or buys later, and fewer moving parts to finance once the plant runs.
+
Plan B buys ownership and control at a lower modeled return
+
Both plans build the same three presses and make the same records, so demand does not decide between them. Plan B spends ~35M THB more at launch on what Plan A leases or buys later, and it leaves fewer moving parts to finance once the plant runs.
-
~14.7M THB
No power contract on the roof
The ~520 kWp array and the 271 kWh battery are owned: no 15 to 25 year PPA and no ~1.9M THB a year PPA bill; the array pays back in ~4.1 to 5.8 years est.
-
~8.8M THB
Traceability from the first release
The laser confocal and the wide-area profiler at launch, not from revenue: every stamper fully measured, the core of the pitch to labels.
-
~3.6M THB
Tours and Payap from day one
A glazed corridor in process order for artists, labels, investors and schools, and the student programmes; cheaper to build in than to add.
-
~4.0M THB
Cassette and CD-R sales
Both formats sold from launch next to vinyl. Their revenue is not in the operating model.
-
~3.2M THB
Its own crane
A 5 t crane over the production compartment: machines moved in, out and around without hiring a mobile crane.
-
~0.25M THB
Local service
The compressor from a Thai supplier, like the rest of the utilities, instead of the Chinese route.
+
~14.7M THB
No power contract on the roof
We own the ~520 kWp array and the 271 kWh battery, so there is no 15 to 25 year PPA and no PPA bill of ~1.9M THB a year. The array pays back in ~4.1 to 5.8 years est.
+
~8.8M THB
Traceability from the first release
The laser confocal and the wide-area profiler are bought at launch instead of from revenue, so every stamper is fully measured. That is the core of our pitch to labels.
+
~3.6M THB
Tours and Payap from day one
A glazed corridor in process order serves artists, labels, investors, schools and the student programs. It costs less to build in than to add.
+
~4.0M THB
Cassette and CD-R sales
Both formats are sold beside vinyl from launch. Their revenue is not in the operating model.
+
~3.2M THB
An owned crane
A 5 t crane over the production compartment moves machines in, out and around without a hired mobile crane.
+
~0.25M THB
Local service
The compressor comes from a Thai supplier, like the other utilities, instead of by the Chinese route.
What the model says, Plan B against Plan A
Midpoints, estimates
Plan B
Plan A
-
Plan price, reserve in
~217M THB
~182M THB
+
Plan price with the reserve
~217M THB
~182M THB
EBITDA, central, revenue model
1.73M USD
1.73M USD
-
EBITDA, calculator: no PPA bill in B
2.23M USD
2.17M USD
+
EBITDA, calculator (no PPA bill in B)
2.23M USD
2.17M USD
Depreciation, central
0.49M USD
0.40M USD
Operating profit, central / adverse
1.24M / -0.55M
1.33M / -0.41M
Payback on the plan price, central
~3.8 yr
~3.2 yr
-
Cash payback and IRR, calculator
yr ~4.2, ~22 %
yr ~3.8, ~26 %
+
Cash payback and IRR, calculator
yr ~4.2, ~22%
yr ~3.8, ~26%
-
Read plainly: Plan A has the better modelled return, Plan B the more complete plant. Most of B's items could be added to A later from revenue; the corridor is cheaper from the start, and every year the array is leased costs the PPA bill. Owning the array earns no BOI tax benefit: solar was dropped on 1 July 2025, only the battery may qualify.
+
Plan A has the better modeled return, and Plan B the more complete plant. Most of B's items could be added to A later from revenue, but the corridor is cheaper from the start, and every year the array is leased costs the PPA bill. Owning the array earns no BOI tax benefit: BOI dropped solar on July 1, 2025, and only the battery may qualify.
-
Source: total-investment.md "Two plans" ("What decides between them"); revenue-model.md "Operating pictures of Plan A and Plan B"; business plan B, sections 1, 8.2, 8.4 and 9.4; fleet-calculator.html, presets planA and planB; sustainability.md "Leasing instead (Plan A)" (PPA terms 15 to 25 years) and "PV, not solar thermal"; boi.md.
+
Sources: total-investment.md, "Two plans" ("What decides between them"); revenue-model.md, "Operating pictures of Plan A and Plan B"; business plan B, sections 1, 8.2, 8.4 and 9.4; fleet-calculator.html, presets planA and planB; sustainability.md, "Leasing instead (Plan A)" (PPA terms 15 to 25 years) and "PV, not solar thermal"; boi.md.
-
+
Operating picture, Plan B, mature year
-
Plan B's central case works; the adverse case loses money
+
Plan B's central case makes a profit; the adverse case loses money
RevenueEBITDAOperating profit, after Plan B's depreciationM USD a year
Read the adverse column as the honest one. A central EBITDA margin of ~47 % is far above the 15 to 25 % pressing plants earn: the direct cost leaves out indirect labour, freight, scrap above the reject allowance, sales commissions and the extra cost of specials.
+
The adverse column is the honest one. A central EBITDA margin of ~47% is far above the 15 to 25% that pressing plants earn, because the direct cost leaves out indirect labor, freight, scrap above the reject allowance, sales commissions and the extra cost of specials.
-
~0.24M
records a year: break-even on operating profit
+
~0.24M
records a year to break even on operating profit
~1.1M
records the adverse case needs to cover depreciation; the presses make 0.58M
~2.8 USD
(~92 THB) a record covers depreciation at central cost and volume
-
Source: revenue-model.md "Operating pictures of Plan A and Plan B (October 2026)"; business plan B, section 9.4. Estimates, mature year at 60 % specials; depreciation on Plan B's blocks; payback is EBITDA on the plan price including the reserve. Plan A for comparison: operating profit -0.41 / 1.33 / 3.54M USD.
+
Sources: revenue-model.md, "Operating pictures of Plan A and Plan B (October 2026)"; business plan B, section 9.4. The figures are estimates for a mature year at 60% specials, with depreciation on Plan B's blocks; payback is the plan price, reserve included, divided by EBITDA. For comparison, Plan A's operating profit is -0.41 / 1.33 / 3.54M USD.
-
+
Cash and returns, Plan B
-
Ten years of cash: Plan B back to zero in year ~4.2, IRR ~22 %
+
Plan B earns back its cash in year ~4.2, at a ten-year IRR of ~22%
Plan B, cumulative cashPlan A, for comparisonM USD, year 0 to 10
Simple payback: plan price before the reserve / mature EBITDA
2.7 yr
2.3 yr
-
Basis: 850k records at 60 % specials at the team's planning rate (3 records a minute per Duplex system), the calculator's own cost build-up with biomass fuel and the cutting engineer; Plan B pays no PPA power price. Ramp 35, 70 and 90 % in years 1 to 3. Pre-tax, pre-financing, no BOI tax holiday, no terminal value: a sketch, not a forecast.
-
In the revenue model's adverse case, EBITDA pays Plan B's price back in ~37 years. A year-by-year cash model for the ramp is a phase 0 output.
+
The calculator assumes 850k records at 60% specials at the team's planning rate (3 records a minute per Duplex system) and uses its own cost build-up with biomass fuel and the cutting engineer; Plan B pays no PPA power price. Output ramps through 35, 70 and 90% in years 1 to 3. The view is pre-tax and pre-financing, with no BOI tax holiday and no terminal value; it is a sketch and should not be read as a forecast.
+
In the revenue model's adverse case, EBITDA pays Plan B's price back in ~37 years. Phase 0 will produce a year-by-year cash model for the ramp.
-
Source: business plan B, section 9.4 and figure 12; fleet-calculator.html, presets planB and planA, cash view (values read from the page, October 2026); revenue-model.md. Estimates.
+
Sources: business plan B, section 9.4 and figure 12; fleet-calculator.html, presets planB and planA, cash view (values read from the page, October 2026); revenue-model.md. All values are estimates.
-
+
BOI promotion and financing
-
Duty-free machinery under BOI; the shareholders fund the whole plant
+
BOI waives machinery duty, and the shareholders fund the whole plant
-
Category
Basic plastic consumer-goods manufacturing (Category 6), incentive Group B: no tax holiday on the core activity. Sub-code to confirm with a BOI-registered consultant.
To confirm
-
Privileges
Machinery import duty exemption, with import VAT; 100 % foreign ownership; visas and work permits through the One Stop Service; raw-material duty relief for export production.
Group B core
-
Upgrades
Smart and Sustainable Industry (15/2565, refreshed July 2025): typically 3 years of CIT exemption, capped around 50 % of the upgrade spend; R&D merit at 1 % of revenue adds 1 to 3 years.
To structure
-
Solar
No longer promoted since 1 July 2025 (Announcement 3/2568): Plan B's owned array earns the bill saving, no tax benefit. The 271 kWh battery may still qualify, capped at 12M THB per MW.
Solar dropped
-
Conditions
Debt-to-equity no higher than 3:1 for the life of the privileges, met with no debt; minimum 1M THB excluding land and working capital; modern machinery; progress and annual reports; machinery imported within ~30 months, full operation by ~36 months.
Binding
-
Process
e-Investment filing and analyst meeting; ~40 working days to a decision under 200M THB, 60 to 90 above; 4 to 6 months in practice. No machinery order before the certificate.
Phase 0
-
Without BOI
~5 % duty on ~2.3M USD of imported machinery (~0.11M USD) and ~0.17M USD of import VAT up front est.
Avoided
+
Category
Basic plastic consumer-goods manufacturing (Category 6) in incentive Group B, with no tax holiday on the core activity. A BOI-registered consultant must confirm the sub-code.
To confirm
+
Privileges
No import duty or import VAT on machinery; 100% foreign ownership; visas and work permits through the One Stop Service; duty relief on raw materials for export production.
Group B core
+
Upgrades
Smart and Sustainable Industry (15/2565, refreshed July 2025) typically gives 3 years of CIT exemption, capped around 50% of the upgrade spend; an R&D merit at 1% of revenue adds 1 to 3 years.
To structure
+
Solar
BOI stopped promoting solar on July 1, 2025 (Announcement 3/2568), so Plan B's owned array earns the bill saving and no tax benefit. The 271 kWh battery may still qualify, capped at 12M THB per MW.
Solar dropped
+
Conditions
Debt-to-equity no higher than 3:1 for the life of the privileges, which we meet with no debt; at least 1M THB invested, excluding land and working capital; modern machinery; progress and annual reports; machinery imported within ~30 months and full operation by ~36 months.
Binding
+
Process
e-Investment filing and an analyst meeting; ~40 working days to a decision under 200M THB and 60 to 90 above, or 4 to 6 months in practice. No machinery is ordered before the certificate.
Phase 0
+
Without BOI
We would pay ~5% duty on ~2.3M USD of imported machinery (~0.11M USD) and ~0.17M USD of import VAT up front est.
Avoided
-
Funding need, Plan B: reserve in, no contingency
+
Plan B's funding need, with the reserve and no contingency
-
~217M THB
~6.56M USD at the midpoint, labelled ~215M; ~156M to 277M low to high
-
All equity
share capital paid in by the shareholders; no bank loan planned
+
~217M THB
~6.56M USD at the midpoint, labeled ~215M; ~156M to 277M from low to high
+
All equity
share capital paid in by the shareholders; no bank loan is planned
Shareholding
-
At least 60 %the lead investor: at least ~130M THB
-
At most 40 %co-investors (Ploy Printing as intended strategic co-investor, the founders, others): at most ~87M THB
+
At least 60%the lead investor: at least ~130M THB
+
At most 40%co-investors (Ploy Printing as intended strategic co-investor, the founders, others): at most ~87M THB
-
Of ~217M THB of share capital at one share price, arithmetic only: share price, valuation and in-kind shares not agreed. Terms in the shareholders' agreement.
+
These amounts are arithmetic on ~217M THB of share capital at one share price. Price, valuation and in-kind shares are not agreed; the shareholders' agreement sets the terms.
-
Collateral
None pledged: the machinery, with Plan B's owned PV array and battery, stays free to secure a loan if one is ever needed; the building only if the lease grants ownership and the right to mortgage it. The land is leased.
+
Collateral
Nothing is pledged. The machinery, with Plan B's owned PV array and battery, can secure a loan if one is needed, and so can the building if the lease grants ownership and the right to mortgage it. The land is leased.
Use of funds
Equipment (presses, metal path, metrology, lab) ~85M THB; building, crane, workshop and corridor ~40M; utilities ~35M; solar and battery ~15M; software, cassette and CD-R, freight, working capital and phase 0 ~28M (block midpoints est.), plus the reserve, in tranches (slide 17).
-
Share capital called in instalments against the tranches; the call schedule and the shareholders' agreement to be agreed.
+
Share capital is called in installments against the tranches; the call schedule and the shareholders' agreement are open.
-
Source: boi.md; business plan B, sections 1 ("The ask"), 6.1, 7.1, 8.1, 8.4 and 12.2; total-investment.md "Launch plant" and "Two plans" (shareholding and funding, 20 October 2026). The 60/40 amounts and use-of-funds groups are arithmetic on the plan's figures.
+
Sources: boi.md; business plan B, sections 1 ("The ask"), 6.1, 7.1, 8.1, 8.4 and 12.2; total-investment.md, "Launch plant" and "Two plans" (shareholding and funding, October 20, 2026). The 60/40 amounts and use-of-funds groups are arithmetic on the plan's figures.
-
+
-
Share price: what the 40 % could cost
-
At par, the 40 % is ~86.8M THB; what it is worth later is a range
+
Share price: what the 40% could cost
+
At par, the 40% costs ~86.8M THB; what it is worth later is a range
Founding round at par, pari passu: Plan B's ~217M as share capital
100 THB a share example
Shares
THB
-
The lead investor, at least 60 %
1,302,000
130.2M
-
Co-investors, at most 40 %
868,000
86.8M
-
Share capital: all of Plan B, no loan
2,170,000
217M
+
The lead investor, at least 60%
1,302,000
130.2M
+
Co-investors, at most 40%
868,000
86.8M
+
Share capital for all of Plan B, no loan
2,170,000
217M
-
Called in instalments against the tranches (slide 17): at least 25 % (~54M THB) on subscription. Thai law: no shares below par, par at least 5 THB, a premium only if the memorandum allows it.
+
Called in installments against the tranches (slide 17), at least 25% (~54M THB) on subscription. Thai law allows no shares below par, requires a par of at least 5 THB, and allows a premium only if the memorandum does.
10M THB credited for pre-round work: the 40 % costs 90.8M
+
101 THB +1%
with 2.6M THB of phase 0 spending credited, the 40% costs 87.8M
+
105 THB +5%
with 10M THB credited for pre-round work, the 40% costs 90.8M
-
A financial co-investor today (venture-capital method, first-stage target return 40 to 60 %, year 5): 12 to 73 THB a share in the central case, 2 to 10 in the adverse: below par in both.
+
A financial co-investor today (venture-capital method, first-stage target return 40 to 60%, year 5) would pay 12 to 73 THB a share in the central case and 2 to 10 in the adverse case, below par in both.
Value of one 100 THB share once the plant runs est.
Range across market multiples, after the illiquidity discountPar paid
-
EV/EBITDA 4.7x (Thai listed plastics and packaging) to 14.9x (emerging-market industries), less a 20 to 35 % discount for a private minority stake; no loan, net debt 0; 2,170,000 shares.
-
Ranges, not a valuation or an offer price. Adverse is the honest case (central margin ~47 %, plants earn 15 to 25 %): with no loan a share keeps some value but loses most of it, and at Thai listed multiples even central is below par. Co-investors need pre-emption, information rights and calls tied to the tranches.
+
EV/EBITDA from 4.7x (Thai listed plastics and packaging) to 14.9x (emerging-market industries), less a 20 to 35% discount for a private minority stake, with no loan (net debt 0) and 2,170,000 shares.
+
No valuation or offer price is implied. Adverse is the honest case (central margin ~47%; plants earn 15 to 25%). With no loan a share keeps some value but loses most of it; at Thai listed multiples even the central case is below par. Co-investors need pre-emption, information rights and calls tied to the tranches.
-
Source: share-price.md (October 2026); total-investment.md "Two plans"; revenue-model.md "Operating pictures"; Damodaran industry EV/EBITDA and betas (January 2026), country risk premiums (July 2026), illiquidity discount (2005), venture target returns (2009); ThaiBMA 10-year yield 2.30 % (19 October 2026); SET peers via stockanalysis.com (20 October 2026); Civil and Commercial Code ss. 1105, 1117, 1120 to 1125, 1222. Estimates.
+
Sources: share-price.md (October 2026); total-investment.md, "Two plans"; revenue-model.md, "Operating pictures"; Damodaran industry EV/EBITDA and betas (January 2026), country risk premiums (July 2026), illiquidity discount (2005) and venture target returns (2009); ThaiBMA 10-year yield 2.30% (October 19, 2026); SET peers via stockanalysis.com (October 20, 2026); Civil and Commercial Code ss. 1105, 1117, 1120 to 1125 and 1222. All values are estimates.
-
+
Schedule
-
First paying release: Q4 2028 to mid-2029, and still open
+
The date of the first paying release is open: Q4 2028 to mid-2029
Commissioning sequence
-
Cutting room and galvanics, with the Sibert line: the presses need their stampers.
-
Newbilt Duplex system, with boilers B-1 and B-2 and chillers CH-1 and CH-2.
-
Newbilt Classic, once the metal path and the press process are stable.
+
The cutting room and galvanics, with the Sibert line, come first, because the presses need their stampers.
+
The Newbilt Duplex system follows, with boilers B-1 and B-2 and chillers CH-1 and CH-2.
+
The Newbilt Classic comes last, once the metal path and the press process are stable.
-
Alongside: cassette and CD-R lines. In the build: owned PV and battery, 5 t crane, visitor corridor.
+
The cassette and CD-R lines are commissioned alongside. The owned PV and battery, the 5 t crane and the visitor corridor go in during the build.
Long-lead orders, after the certificate
-
Pheenix galvanics line, Sillitoe lathe, Sibert line, Newbilt Duplex system and Classic, two biomass boiler modules, the first two chiller modules. Press build 9 to 12 months, assumed; the other build times are not quoted.
+
They are the Pheenix galvanics line, the Sillitoe lathe, the Sibert line, the Newbilt Duplex system and Classic, two biomass boiler modules and the first two chiller modules. We assume a press build of 9 to 12 months; the other build times are not quoted.
What moves the date
-
The BOI filing date and the vendor build times: a 15 to 18 month press build moves launch to mid-2029. Ordering with a deposit before the certificate, if BOI allows it, could bring launch 6 to 9 months earlier.
+
The date depends on the BOI filing and the vendor build times; a 15 to 18 month press build moves launch to mid-2029. Ordering with a deposit before the certificate, if BOI allows it, could bring launch 6 to 9 months earlier.
-
Source: project-timeline.md, calendar anchored August 2026 (nothing in phase 0 has started, so it shifts day for day; not yet redrawn for the launch plant); business plan B, sections 10, 11 and 11.1; roadmap.md phases 0 to 4.
+
Sources: project-timeline.md, calendar anchored in August 2026 (nothing in phase 0 has started, so it shifts day for day; it is not yet redrawn for the launch plant); business plan B, sections 10, 11 and 11.1; roadmap.md, phases 0 to 4.
-
+
Risks and mitigations
-
The risks we carry, and what retires each one
+
These are the risks we carry and the steps that retire each one
Severity
Risk
Mitigation and status
-
High
Pricing power is unproven: market validation (roadmap item 1) is open, with no buyer prices yet
Validation gate with regional labels; the platform's calculator as an interest list; no large spending before it clears
-
High
Utilisation and price: the adverse case loses money; the extra cost of specials is not yet in the direct cost
Treat the adverse column as the honest one; specials gain an upper bound until compound quotes; second Duplex waits for demand
-
High
No contingency in Plan B's price: at 15 % ~30M THB; the high end of every block ~277M with the reserve
Quotes before commitment; release in tranches; how overruns are funded agreed up front
-
High
Galvanics and cutting on the critical path, galvanics the hardest skill to hire. Sibert advised getting presses, boilers, operators and feedback loops right first
Advice carried as a risk: commission the metal path first and measure it; hire early, train at the vendors; Stamper Discs and SST as overflow contacts
-
High
Prices not on file: the Newbilt Classic (placeholder band) and the Pheenix line (OMS reference + 20 %, no Pheenix quote)
Newbilt re-quote and Pheenix quote in phase 0; OMS's offer as the galvanics benchmark
-
High
Vendor build times unknown: the press build carries ~40 % of the schedule
Build time and order-book position required in every re-quote
-
High
Zoning unverified: Mueang Chi unchecked; Payap's first plot needs a rezoning (~16 to 19 months, Payap says it can be done)
Verify on the land-use map and with counsel before the BOI filing; industrial estate as fallback
-
Medium
Plan B's ~35M THB more than Plan A earns little in the model: payback ~3.8 against ~3.2 years, a deeper adverse case
Phase 0 prices each item against its lever (PPA offer beside the purchase quote); the corridor is cheaper from the start
-
Medium
Lease terms and building ownership: a weak lease makes the building hard to finance
Registered 30 to 50 year lease with renewal, building ownership and assignment rights; Thai counsel in phase 0
-
Medium
Galvanics effluent and biomass emissions in the first factory licence
Zero-discharge design and treatment building from the start; dust collector and 14 m stack drawn; fuel contracts
-
Medium
Currency: EUR on Newbilt and Pheenix, USD on Sibert and Sillitoe, costs in THB
Currency and validity in every quote; THB pricing regionally; hedging decided with the investor
+
High
Pricing power is unproven: market validation (roadmap item 1) is open, with no buyer prices yet.
A validation gate with regional labels, the platform's calculator as an interest list, and no large spending before the gate clears.
+
High
Utilization and price: the adverse case loses money, and the extra cost of specials is not yet in the direct cost.
Treat the adverse column as the honest one and the gain from specials as an upper bound until compound quotes arrive; the second Duplex waits for demand.
+
High
Plan B's price has no contingency (~30M THB at 15%), and the high end of every block is ~277M with the reserve.
Quotes come before commitment, money is released in tranches, and overrun funding is agreed up front.
+
High
Galvanics and cutting are on the critical path, and galvanics is the hardest skill to hire. Sibert advised getting presses, boilers, operators and feedback loops right first.
We carry that advice as a risk: commission the metal path first and measure it, hire early and train at the vendors, with Stamper Discs and SST as overflow contacts.
+
High
Two prices are not on file: the Newbilt Classic (placeholder band) and the Pheenix line (OMS reference + 20%, no Pheenix quote).
A Newbilt re-quote and a Pheenix quote in phase 0, with OMS's offer as the galvanics benchmark.
+
High
Vendor build times are unknown, and the press build carries ~40% of the schedule.
Every re-quote must state the build time and the order-book position.
+
High
Zoning is unverified: Mueang Chi is unchecked, and Payap's first plot needs rezoning (~16 to 19 months; Payap says it can be done).
Verify zoning on the land-use map and with counsel before the BOI filing; an industrial estate is the fallback.
+
Medium
Plan B's extra ~35M THB over Plan A earns little in the model: payback takes ~3.8 years against ~3.2, and the adverse case is deeper.
Phase 0 prices each item against its lever (a PPA offer beside the purchase quote); the corridor is cheaper from the start.
+
Medium
Lease terms and building ownership: a weak lease makes the building hard to finance.
A registered 30 to 50 year lease with renewal, building ownership and assignment rights; Thai counsel engaged in phase 0.
+
Medium
Galvanics effluent and biomass emissions must pass the first factory license.
A zero-discharge design and a treatment building from the start, a dust collector and a 14 m stack in the drawings, and fuel contracts.
+
Medium
Currency: Newbilt and Pheenix price in EUR, Sibert and Sillitoe in USD, and our costs are in THB.
Every quote states currency and validity; we price regionally in THB; hedging is decided with the investor.
-
Source: business plan B, sections 11.2 and 13 (severities as the plan states them); revenue-model.md "Honest caveats"; roadmap.md item 1; site-candidates.md.
+
Sources: business plan B, sections 11.2 and 13 (severities as the plan states them); revenue-model.md, section "Honest caveats"; roadmap.md, item 1; site-candidates.md.
-
+
Team, partners and vendors
-
A small founding team, specialist vendors and a local packaging partner
+
A small founding team works with specialist vendors and a local printer
Team
-
Simona Meesaiyati
Project Lead
Management and the audio side.
-
Alexander Grabowski
Technical Consultant
The technical side: equipment and vendors, utilities, the building model, the traceability and QC specification, the factory software.
+
Simona Meesaiyati
Project Lead
Leads management and the audio side.
+
Alexander Grabowski
Technical Consultant
Leads the technical side: equipment and vendors, utilities, the building model, the traceability and QC specification, and the factory software.
buildfor.life
Consulting
Supports the project in a consulting capacity.
-
To hire at launch: a galvanics process engineer and a cutting engineer (critical path), a plant manager, two shifts of operators, QC, maintenance, sales. About 20 people at the start est., plus 1 to 2 for the cassette and CD-R lines.
+
At launch we hire a galvanics process engineer and a cutting engineer (both on the critical path), a plant manager, two shifts of operators, QC, maintenance and sales: about 20 people at the start est., plus 1 to 2 for the cassette and CD-R lines.
Partners
-
Ploy Printing
Chiang Mai · packaging
Jackets, sleeves and inserts; intends to co-invest within the 40 % open beside the lead investor, terms not yet discussed. Supply priced at arm's length, Ploy abstaining on its own contract.
-
Payap University
Chiang Mai · under discussion
Joint student programmes in mastering, lathe cutting, IT and business. Nothing agreed yet.
-
Advisers, phase 0
To engage
A BOI-registered consultant; Thai counsel for the lease, the company and the shareholder agreement.
+
Ploy Printing
Chiang Mai · packaging
Supplies jackets, sleeves and inserts and intends to co-invest within the 40% open beside the lead investor; terms are not yet discussed. Its supply is priced at arm's length, and Ploy abstains on its own contract.
+
Payap University
Chiang Mai · under discussion
We are discussing joint student programs in mastering, lathe cutting, IT and business; nothing is agreed yet.
+
Advisers, phase 0
To engage
A BOI-registered consultant, and Thai counsel for the lease, the company and the shareholder agreement.
Vendors
Vendor
Supplies
On file
Newbilt Germany
Duplex system and Classic presses
2024 quote EUR 200,500 for the Single 2.1, expired; Classic not priced
-
Pheenix Alpha Sweden
Galvanics: PASU, PPPU, PDPU, PMPB
No quote; priced at OMS's reference + 20 %
+
Pheenix Alpha Sweden
Galvanics: PASU, PPPU, PDPU, PMPB
No quote; priced at OMS's reference + 20%
Sibert UK
Stamper prep: VSF, VSP, VSC
USD 250k budget confirmed, October 2026
Sillitoe Australia
SDMS cutting system
List price USD 125k
Ploy Printing Chiang Mai
Print and packaging
Partner
-
Making Vinyl Europe, Haarlem, 30 September to 2 October 2026: strong interest in full traceability; Pheenix offered references and a factory visit, OMS sent galvanics reference prices, SST Frankfurt offered help. Supplier-side evidence.
+
At Making Vinyl Europe in Haarlem, September 30 to October 2, 2026, suppliers showed strong interest in full traceability. Pheenix offered references and a factory visit, OMS sent galvanics reference prices, and SST Frankfurt offered help. This is evidence from the supply side.
-
Source: README "Team"; business plan B, sections 1, 12.1 and 12.2; equipment/pressing-line.md; equipment/galvanics.md; suppliers/vendor-landscape.md.
+
Sources: README, section "Team"; business plan B, sections 1, 12.1 and 12.2; equipment/pressing-line.md; equipment/galvanics.md; suppliers/vendor-landscape.md.
~USD 40k to 80k over 3 to 6 months, part of the plan price: the BOI consultant, Thai counsel for the lease, zoning and the shareholders' agreement, a soil test, the quotes.
-
On offer to co-investors
Up to 40 %
of the company, beside the lead investor's at least 60 %: Ploy Printing, the founders, others. At par ~87M THB of the ~217M share capital; price not agreed, ranges on slide 13.
+
Phase 0, now
1.3M to 2.6M THB
~USD 40k to 80k over 3 to 6 months, part of the plan price. It pays for the BOI consultant, Thai counsel for the lease, zoning and the shareholders' agreement, a soil test and the quotes.
+
On offer to co-investors
Up to 40%
of the company, beside the lead investor's at least 60%, for Ploy Printing, the founders and others. At par it is ~87M THB of the ~217M share capital; the price is open (slide 13).
-
Then Plan B at ~215M THB, called in tranches: share of the investment before the reserve est.
+
Then Plan B at ~215M THB, called in tranches (share of the investment before the reserve) est.
Newbilt re-quote: Duplex with the EX 35, the Classic, build time
Pheenix galvanics quote, against OMS's reference
-
Sillitoe quote and build time; Sibert's itemised quotation
+
Sillitoe quote and build time; Sibert's itemized quotation
Building RFQ to two or three Thai contractors, with the soil test
Metrology quotes; solar and battery purchase quotes, a PPA offer beside them
Biomass boilers from Getabec and Chinese makers; fuel offers
Decisions for the investor
-
Funded by the shareholders as share capital, no bank loan: the call schedule against the tranches
-
The shareholders' agreement: the split of the 40 %, board, reserved matters, calls and tranche releases
+
The call schedule against the tranches, since the shareholders fund the plant as share capital with no bank loan
+
The shareholders' agreement, covering the split of the 40%, the board, reserved matters, calls and tranche releases
How quotes landing above the plan price are funded
-
Each Plan B item weighed against its lever; CD replication before the BOI filing; hedging of the EUR orders
+
Each Plan B item weighed against its lever, CD replication before the BOI filing, and hedging of the EUR orders
-
Phase 0 unlocks
The BOI filing, the lease heads of terms and the zoning answer, and quotes in place of the estimated blocks: the next version of the plan.
-
The round unlocks
Every long-lead order and the build, commissioned in sequence: metal path, Duplex, Classic, with the owned PV, crane and corridor in place. First paying release Q4 2028 to mid-2029, open.
-
Revenue then funds
The second Duplex system (~15.4M THB at the midpoint est.), PV on the PV-ready office roof and canopies (~120 kWp, ~2.4M to 3.1M THB est.), the phase 2 building.
+
What phase 0 delivers
The BOI filing, the lease heads of terms, the zoning answer, and quotes in place of the estimated blocks. Together they make the next version of the plan.
+
What the round pays for
Every long-lead order and the build, commissioned in sequence (metal path, Duplex, Classic) with the owned PV, crane and corridor. The first paying release is open: Q4 2028 to mid-2029.
+
What revenue pays for later
The second Duplex system (~15.4M THB at the midpoint est.), PV on the PV-ready office roof and canopies (~120 kWp, ~2.4M to 3.1M THB est.) and the phase 2 building.
-
Source: business plan B, sections 8.3, 12.2, 14.1 and 14.2; total-investment.md "Two plans" (shareholding and funding); roadmap.md phases 0 to 2. Tranche amounts are the shares applied to Plan B's ~201.6M THB before the reserve (arithmetic). Gates before any order: market validation, the BOI certificate, and land (zoning, lease terms, soil).
+
Sources: business plan B, sections 8.3, 12.2, 14.1 and 14.2; total-investment.md, "Two plans" (shareholding and funding); roadmap.md, phases 0 to 2. Tranche amounts are the shares applied to Plan B's ~201.6M THB before the reserve (arithmetic). Three gates come before any order: market validation, the BOI certificate, and land (zoning, lease terms, soil).
-
+
@@ -1003,7 +1003,7 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
-
+
PDF
@@ -1016,7 +1016,7 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
====================================================================== */
const SRC = {
bp33: "Business plan B, section 3.3; revenue-model.md 'First market data point' and 'Record Industry's calculator'",
- bp91: "Business plan B, section 9.1 (blended price USD 3.76 to 5.27 at 60 % specials)",
+ bp91: "Business plan B, section 9.1 (blended price USD 3.76 to 5.27 at 60% specials)",
ti: "total-investment.md 'Launch plant' (block ranges) and 'Two plans'",
bpB81: "Business plan B, section 8.1, all blocks",
rm: "revenue-model.md 'Operating pictures of Plan A and Plan B (October 2026)'; business plan B, section 9.4",
@@ -1026,13 +1026,13 @@ const SRC = {
pv: "sustainability.md 'What ~520 kWp means on the grid'; business plan B, section 1",
tl: "project-timeline.md, Gantt (August 2026 calendar)",
bp10: "Business plan B, section 10",
- sp: "share-price.md (October 2026, all equity: Plan B's ~217M as share capital, net debt 0): par round and call schedule, development premium, value per share (Damodaran EV/EBITDA January 2026, SET peers 20 October 2026, illiquidity discount 20 to 35 %), venture-capital method"
+ sp: "share-price.md (October 2026, all equity: Plan B's ~217M as share capital, net debt 0): par round and call schedule, development premium, value per share (Damodaran EV/EBITDA January 2026, SET peers October 20, 2026, illiquidity discount 20 to 35%), venture-capital method"
};
const DATA = {
fx: { usdThb: 33, src: "ti" },
price: [
{ k: "eu", label: "European plant, ex works (Record Industry, Haarlem)", lo: 80.2, hi: 80.2, txt: "USD 2.43, ~80 THB", src: "bp33" },
- { k: "cnx", label: "CNX assumed blended price, 60\u00a0% specials", lo: 124, hi: 174, txt: "124 to 174 THB", src: "bp91" },
+ { k: "cnx", label: "CNX assumed blended price, 60% specials", lo: 124, hi: 174, txt: "124 to 174 THB", src: "bp91" },
{ k: "th", label: "Thai market, per unit incl. a printed jacket (ResurRec)", lo: 535, hi: 780, txt: "535 to 780 THB", src: "bp33" }
],
/* Plan B block groups, [low, high] in M THB; the nine groups sum to 146.15 to 257.1 (midpoint 201.6) */
@@ -1053,7 +1053,7 @@ const DATA = {
planA: { price: 182, lo: 132, hi: 233, src: "ti" }
},
op: {
- cases: ["Adverse", "Central", "Favourable"],
+ cases: ["Adverse", "Central", "Favorable"],
revenue: [2.28, 3.65, 5.41], ebitda: [0.23, 1.73, 3.79], op: [-0.55, 1.24, 3.50], src: "rm",
opA: [-0.41, 1.33, 3.54] /* Plan A, comparison only (source line) */
},
@@ -1073,9 +1073,9 @@ const DATA = {
dev: [ { pre: 2.6, price: 101.2, prem: 1.2, cost40: 87.8 }, { pre: 10, price: 104.6, prem: 4.6, cost40: 90.8 } ],
value: { axis: 750, ticks: [0, 250, 500, 750], src: "sp", rows: [
{ k: "adv", label: "Adverse", sub: "EBITDA 7.6M THB a year", lo: 11, hi: 42, x: "0.1x to 0.4x par" },
- { k: "norm", label: "Industry-norm margin", sub: "20 % of central revenue", lo: 34, hi: 133, x: "0.3x to 1.3x par", faint: 1 },
+ { k: "norm", label: "Industry-norm margin", sub: "20% of central revenue", lo: 34, hi: 133, x: "0.3x to 1.3x par", faint: 1 },
{ k: "cen", label: "Central", sub: "EBITDA 57.1M THB a year", lo: 80, hi: 314, x: "0.8x to 3.1x par" },
- { k: "fav", label: "Favourable", sub: "EBITDA 125.1M THB a year", lo: 176, hi: 688, x: "1.8x to 6.9x par" }
+ { k: "fav", label: "Favorable", sub: "EBITDA 125.1M THB a year", lo: 176, hi: 688, x: "1.8x to 6.9x par" }
] },
vc: { lo: 12, hi: 73, adv: [2, 10], rate: [40, 60], src: "sp" }
},
@@ -1088,7 +1088,7 @@ const DATA = {
{ g: "Site", label: "Zoning, soil test, lease", s: "2026-09-01", e: "2027-02-28" },
{ g: "Site", label: "Design and building permit", s: "2027-03-01", e: "2027-06-29" },
{ g: "Site", label: "Construction", s: "2027-07-01", e: "2028-02-26" },
- { g: "Site", label: "Factory licence (Ror.Ngor. 4)", s: "2028-01-01", e: "2028-05-30" },
+ { g: "Site", label: "Factory license (Ror.Ngor. 4)", s: "2028-01-01", e: "2028-05-30" },
{ g: "Site", label: "Utilities, PV, battery, fit-out", s: "2028-03-01", e: "2028-06-29" },
{ g: "Machines", label: "Press build at vendor (assumed)", s: "2027-06-15", e: "2028-04-10", crit: 1 },
{ g: "Machines", label: "Sea freight", s: "2028-04-10", e: "2028-05-30", crit: 1 },
@@ -1236,7 +1236,7 @@ function chSolar() {
el(s, "rect", { x: 0, y: 24, width: W - 2, height: 18, rx: 3, fill: C.track });
el(s, "rect", { x: 0, y: 24, width: (W - 2) * D.used / D.plant, height: 18, rx: 3, fill: C.acf });
el(s, "text", { x: 0, y: 16, fill: C.tx2, "font-size": 14 }, "Share of the plant's electricity");
- el(s, "text", { x: 0, y: 64, fill: C.ac, "font-size": 15, "font-weight": 600 }, "~" + D.share + "\u00a0%");
+ el(s, "text", { x: 0, y: 64, fill: C.ac, "font-size": 15, "font-weight": 600 }, "~" + D.share + "%");
el(s, "text", { x: W - 2, y: 64, "text-anchor": "end", fill: C.mu, "font-size": 14 }, "~" + D.used + " of ~" + D.plant.toLocaleString("en-US") + " MWh");
}
@@ -1302,7 +1302,7 @@ function chGantt() {
el(s, "text", { x: X("2027-05-15") + 12, y: yb + 17, fill: C.tx, "font-size": 13.5 }, "certificate ~May 2027");
// metal-path note at the test-pressing row
const tp = D.rows.findIndex(r => r.label.startsWith("Test")), yt = T + tp * rh;
- el(s, "text", { x: X("2028-09-15") - 12, y: yt + 17, "text-anchor": "end", fill: C.neg, "font-size": 13.5 }, "metal-path commissioning comes first; not yet in this calendar");
+ el(s, "text", { x: X("2028-09-15") - 12, y: yt + 17, "text-anchor": "end", fill: C.neg, "font-size": 13.5 }, "metal-path commissioning comes first and is not yet in this calendar");
el(s, "line", { x1: 0, x2: R, y1: Bt, y2: Bt, stroke: C.line });
// legend
const ly = Bt + 26;
@@ -1310,7 +1310,7 @@ function chGantt() {
el(s, "text", { x: 146, y: ly, "font-size": 14 }, "critical path");
el(s, "rect", { x: 260, y: ly - 11, width: 26, height: 12, rx: 3, fill: C.par });
el(s, "text", { x: 294, y: ly, "font-size": 14 }, "parallel track with float");
- el(s, "text", { x: R, y: ly, "text-anchor": "end", "font-size": 14, fill: C.dim }, "August 2026 calendar, optimistic end drawn; every duration an estimate");
+ el(s, "text", { x: R, y: ly, "text-anchor": "end", "font-size": 14, fill: C.dim }, "August 2026 calendar with the optimistic end drawn; every duration is an estimate");
}
/* ======================================================================
@@ -1425,7 +1425,7 @@ function cloneSlide(i) {
}
function buildOverview() {
ov = document.createElement("div"); ov.className = "ov"; ov.id = "ov"; ov.hidden = true;
- ov.innerHTML = '
All slides · click to open · O or Esc to close · T light / dark
';
+ ov.innerHTML = '
All slides · click a slide to open it · O or Esc closes · T switches light and dark
