NDC, Realtek co-invest in digital energy solutions platform

The National Development Co. (NDC), a state-owned investing enterprise under the Department of Trade and Industry (DTI), in partnership with Japan’s semiconductor firm Realtek, is investing in a startup digital platform for energy sustainability.

The digital platform called SolX seeks to simplify the Philippine energy market by providing digital platforms that match supply and demand, optimize energy consumption, and support energy efficiency monitoring.

In an informal press meeting on Sept. 29, NDC Special Projects Group Assistant General Manager Saturnino H. Mejia said they have invested P11 million in the startup company. 

NDC said SolX is its first investment under the Startup Venture Fund (SVF), which has a seed fund of P500 million, and is one of Realtek’s first investments in the Philippines.

Mejia said that the SolX project has “been in the drawing board as early as 2020,” and is already  operating. Mejia explained that the SVF requires co-investment partners (CIPs) that match NDC’s funding for a startup.

There are five accredited CIPs which include Gobi-Core Foxmont Capital Partners, IdeaSpace, Investment & Capital Corporation of the Philippines (ICCP), and the Realtek Semiconductor JAPAN Corp.

This technology platform increases market competition, drives energy sustainability, and helps businesses secure competitive contracts, optimize operations, and advance the energy sector. 

Meanwhile, Corporate Communications Group Assistant General Manager Leopoldo “Rocky” Acot said that the NDC is “really excited” since the board made its first budget approval with P11 million for SolX.

Under Republic Act No. 11337 or Innovative Startup Act, the DTI, in coordination with the NDC, is mandated to administer the SVF which provides equity funding and assistance for innovative startups in Seed to Series B stages through co-investment with accredited venture capital (VC) partners.

“The initial and succeeding appropriations for the SVF shall be proposed by the DTI and included in the budget of the NDC under the annual General Appropriations Act,” the provision read.  (Ma. Joselie C. Garcia)