Low-carbon digital business model innovation in Thailand examined through a renewable energy case study

This study investigates how digital technologies can be effectively integrated into low-carbon business model innovation within the renewable energy sector, particularly in regulated markets. Using a participatory action research approach, we document the iterative development of digital sustainability solutions by a Thai renewable energy company. Through multiple cycles of planning, action, observation, reflection, and engagement with over 50 stakeholders, we explore how stakeholder engagement, regulatory dynamics, and emerging technologies—such as blockchain, the Internet of Things (IoT), and Artificial Intelligence (AI)—shape the evolution of sustainable business models. Our BMI journey began with the implementation of blockchain-enabled peer-to-peer (P2P) energy trading and expanded through iterative learning cycles to include digital services for operational management, energy optimization, and carbon credit trading. These innovations demonstrate how digital technologies, combined with stakeholder insights, can generate new value propositions beyond clean electricity generation—enhancing public engagement in decarbonization efforts. Findings reveal that digital BMI is not a linear process but a negotiated journey involving strategic pivots, regulatory adaptation, and continuous learning. Each reflection cycle surfaced new stakeholder needs and market opportunities, prompting iterative adjustments to both technical solutions and business model design. This study contributes to theory and practice by showing how action research can guide innovation in complex environments, offering insights into collaborative governance, prosumer engagement, and the role of digitalization in sustainability transitions.