Australian-based green energy company firm Cyclion Pty Ltd is planning a green energy project with the Philippines' National Development Company (NDC), the Department of Trade and Industry (DTI) announced Wednesday, Oct. 11.
The DTI said the country's collaboration, through the NDC, with Cyclion Pty Ltd aims to treat municipal solid waste (MSW) and convert it to useful fuel or electricity.
DTI Secretary Alfredo E. Pascual witnessed the signing of the said MOU by Cyclion Pty Ltd Founder and CEO Philip Major during the business roundtable between two countries in Adelaide on Monday, Oct. 9.
Additionally, Pascual witnessed the signing of two Letters of Intent (LOIs) by Algae Harvest Pty Ltd and Southern Infrastructure Pty Ltd.
The Philippines’ collaboration with the former Australian company – a 100 percent owned subsidiary of Murdoch University and Cyclion Pty Ltd – aims to research new ways of using algae to turn waste into high-value products. This research will be applied to Cyclion’s projects in the Philippines.
“As of now, what is clear is that the other party [Algae Harvest Pty Ltd] will give technical advice on the integration of fuel gas to algal cultures," the DTI group said.
Meanwhile, the latter company aims to develop a thorium-fueled reactor to deliver a safe, sustainable, and green (C02=0) base load energy to contribute to the country’s renewable energy targets.
The DTI did not mention any investment costs for the above-mentioned projects.
However, it stated that the thorium-fueled reactor project with Southern Infrastructure Pty Ltd is set to commence in mid-2024 and conclude construction by 2027, generating at least 1,000 local jobs during its construction and operation.
Pascual also expressed the Philippines' commitment to deepening collaboration across various areas of mutual interest, such as agriculture, education, critical minerals, and clean energy.
“Recently, we achieved a significant milestone by elevating our relationship from a comprehensive to a strategic partnership by signing the Joint Declaration. This shift not only broadens our strategic cooperation but also enhances trade and investment between our nations,” he said.
In addition, the DTI reported on Tuesday, Oct. 10 that Pascual met with Fortescue Metals Group Ltd. (FMGL) Asia Regional Manager Jeff Pearman to discuss investment opportunities in the country’s renewable energy (RE) sector, particularly in Hydrogen energy.
FMGL is a Western Australian company known for its renewable energy projects and mining technology developments.
During their separate meeting, Pearman expressed FMGL’s interest in utilizing Hydrogen, particularly for transport given the proven technology in this area, while looking forward to partnering with experts and local partners in their potential investment in the country.
Pascual highlighted the Philippines’ enabling investment policies in RE projects and conveyed the country’s search for alternative renewable sources of power including hydrogen, solar, wind, geothermal, and nuclear options.