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DBP grants P750M loan for renewable energy storage

Business

DBP grants P750M loan for renewable energy storage

By Emmie V. Abadilla

The Development Bank of the Philippines (DBP) granted a P750-million revolving credit line to a fledgling manufacturer- exporter of sustainable energy storage systems.

Amber Kinetics Philippines, Inc. (AKPI), local producer of a novel Flywheel Energy Storage System, wil use the loan for its working capital and other short-term operational requirements, DBP President and Chief Executive Officer Emmanuel G. Herbosa specified.

“DBP is ecstatic about this project," he added as it "supports ground-breaking environment-friendly processes and new technologies promoting green energy.”

DBP President and Chief Executive Officer Emmanuel G. Herbosa.

AKPI's parent company, Amber Kinetics, Inc. (AKI), patented its Kinetic Energy Storage System featuring a flywheel that converts and stores electrical energy in a rotating mass.

The system is superior to traditional batteries in terms of unlimited daily cycling capability, high round-trip efficiency, zero capacity degradation, and has no chemical reactions.

AKI established its first manufacturing site in Sto. Tomas, Batangas and plans to open a second manufacturing facility in the province to meet growing demand.

AKI's technology complements the gradual shift to renewable energy sources, Herbosa pointed out.

It offers a more reliable power supply, at less cost, especially in rural areas with unreliable grid infrastructure, and in those islands heavily-reliant on diesel generators and biofuels.

“DBP views this as a timely initiative that addresses the growing demand for new power sources," he stressed.

The bank is optimistic that the project would strengthen the country’s position as an emerging high technology center for mechanical battery storage as well as an export center.

Related Tags

DBP FUNDS GREEN ENERGY STORAGE SYSTEM dbp AKPI

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