EEI gets controlling stake in biotech company
Published Nov 24, 2018 00:00 am
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Updated Nov 24, 2018 00:00 am
By James A. Loyola
EEI Corporation, the construction arm of the Yuchengco, group is continuing to pursue plans to diversify to new businesses with the acquisition of a majority stake in a biotechnology company.
In a disclosure to the Philippine Stock Exchange, EEI said it will acquire a 60 percent equity stake in Biotech JP Corporation, a biotech company involved in the manufacture of therapeutic food products.
Biotech JP makes use of Japanese patented bacteria biotechnology for preserving and packaging rice as part of its manufacture of various off-the shelf rice products.
These products include Echigo Protein rice, Insta-Rice pre-cooked packed rice, Gohan Lite calorie reduced precooked rice, and Rice-To-Go ready-to-eat rice.
Biotech also has patented bacteria biotechnology for increasing yields of rice plants while eliminating the use of phosphate based fertilizers which pollute farmlands and bodies of water.
“This investment is in line with the Corporation’s diversification strategy and contribution to the sustainability goals of the country,” EEI said.
EEI has also invested in solar power technology through PetroSolar Corporation.
The firm was recently awarded a Certificate of Registration by the Board of Investments (BOI) for the 20MWDC Tarlac-2 Solar Power Project (TSPP-2) located in Central Technopark, Tarlac City.
PetroSolar, a joint venture of PetroGreen Energy Corporation (PGEC) and EEI Power Corporation, owns and operates the 50MWDC Tarlac-1 solar plant which started commercial operations in February 2016 as one of the early qualifiers in the government’s solar feed-in-tariff program.
PGEC is the renewable energy holding unit of publicly-listed PetroEnergy Resources Corporation.
“With BOI’s award of the incentives registration for our Tarlac-2 project, PetroSolar is closer to securing the Confirmation of Commerciality from the Department of Energy (DOE) needed for project construction to begin. We are excited by this new investment which will see our solar asset increase in capacity from 50MW to 70MWDC,” said PetroSolar President Milagros V. Reyes.
Aside from the Tarlac solar facilities, PGEC also owns and operates with other partners and operating units the 32MW Maibarara geothermal project in Batangas and the 36MW Nabas wind farm in Aklan.
“Despite the current regulatory and market uncertainties, PGEC is pushing through with its calibrated expansion of renewable energy assets in key locations to reach our goal of about 200-400 MW installed capacity in 2-4 years’ time,” added PGEC Vice President and COO F.G. Delfin Jr.
In a disclosure to the Philippine Stock Exchange, EEI said it will acquire a 60 percent equity stake in Biotech JP Corporation, a biotech company involved in the manufacture of therapeutic food products.
Biotech JP makes use of Japanese patented bacteria biotechnology for preserving and packaging rice as part of its manufacture of various off-the shelf rice products.
These products include Echigo Protein rice, Insta-Rice pre-cooked packed rice, Gohan Lite calorie reduced precooked rice, and Rice-To-Go ready-to-eat rice.
Biotech also has patented bacteria biotechnology for increasing yields of rice plants while eliminating the use of phosphate based fertilizers which pollute farmlands and bodies of water.
“This investment is in line with the Corporation’s diversification strategy and contribution to the sustainability goals of the country,” EEI said.
EEI has also invested in solar power technology through PetroSolar Corporation.
The firm was recently awarded a Certificate of Registration by the Board of Investments (BOI) for the 20MWDC Tarlac-2 Solar Power Project (TSPP-2) located in Central Technopark, Tarlac City.
PetroSolar, a joint venture of PetroGreen Energy Corporation (PGEC) and EEI Power Corporation, owns and operates the 50MWDC Tarlac-1 solar plant which started commercial operations in February 2016 as one of the early qualifiers in the government’s solar feed-in-tariff program.
PGEC is the renewable energy holding unit of publicly-listed PetroEnergy Resources Corporation.
“With BOI’s award of the incentives registration for our Tarlac-2 project, PetroSolar is closer to securing the Confirmation of Commerciality from the Department of Energy (DOE) needed for project construction to begin. We are excited by this new investment which will see our solar asset increase in capacity from 50MW to 70MWDC,” said PetroSolar President Milagros V. Reyes.
Aside from the Tarlac solar facilities, PGEC also owns and operates with other partners and operating units the 32MW Maibarara geothermal project in Batangas and the 36MW Nabas wind farm in Aklan.
“Despite the current regulatory and market uncertainties, PGEC is pushing through with its calibrated expansion of renewable energy assets in key locations to reach our goal of about 200-400 MW installed capacity in 2-4 years’ time,” added PGEC Vice President and COO F.G. Delfin Jr.