Startup SolX Technologies Inc., pledges to secure the country’s energy sector as it partners with the National Development Company (NDC), the government-owned enterprise investment arm, and Real Tech Holdings Co. Ltd. (Real Tech), a Japanese venture capital firm.
SolX Chief Executive Officer Sergius Santos expressed his gratitude for this partnership stating that “this is a step in the right direction for [SolX] to boost [its] domestic presence and credibility” with the support of the Philippine government through NDC.
“Real Tech’s investment will also allow our company to be globally competitive in furthering our technology and benchmarking best practices internationally,” he added.
Through NDC’s Startup Venture Fund (SVF), SolX aims to simplify complexity in energy procurement, management processes, and efficiency and conservation reporting.
Currently, it has delivered over P400 million in energy savings to over 50 clients including Converge ICT, and Rufino Group’s Digital Edge Philippines.
For his part, SolX Chief Operations Officer Matt Tan said “SolX recognizes the vital role we play in not only bringing down energy costs but also supporting businesses’ path to sustainability in the long term.”
He also emphasized the company’s goal to guide businesses in reducing both energy costs and emissions, in line with its zero carbon plan.
With an investment worth P22 million, NDC and Real Tech support SolX's marketplace and analytics platform which matches its clients with the correct suppliers.
As a minimum requirement for clients, SolX welcomes a company with a monthly electricity bill of P150,000.
SolX requires 8-megawatt up to 160-megawatt monthly capacity for its largest clients.
SolX said it can provide clients with 25 to 40 percent of earnings.
Tan said the company expects to acquire 200 percent growth in its clients by next year.
Aside from commercial industries, SolX is also looking forward to extending its platform services to residential market clients.
"At some point in the future, the goal is to be able to bring it down all the way into the household level," Tan said, adding that the priority, however, for now, is to benchmark first the larger industries, as the government advised.
SolX invites business owners with energy and sustainability concerns to its upcoming Kapihan on Nov. 7, giving a consultation opportunity from the team and allowing them to experience what SolX can offer.
SolX is the first startup to join the SVF and is Real Tech’s first investment in a Philippine company.