RE storage firm gets P750-M loan from DBP

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Sumary of RE storage firm gets P750-M loan from DBP:

  • A fledgling energy firm will get a P750-million revolving credit line from state-owned Development Bank of the Philippines (DBP)..
  • (AKPI) will be used to manufacture and export cost-effective and sustainable energy storage systems for renewable energy companies’ power generation activities..
  • It will partially provide the company with operating capital and other short-term operating needs in order to sell its unique Flywheel Energy Storage System both domestically and internationally..
  • “DBP is ecstatic about this project as it manifests our passion for supporting groundbreaking environment-friendly processes and new technologies that promote the more efficient utilization of green energy,”.
  • Herbosa said the introduction of the technology is seen as a boon to the power industry as it complements the gradual shift to renewable energy sources that offer variable outputs, with an energy storage system that ensures overall electricity generation matches demand..
  • He claims Amber Kinetic’s technology can deliver more dependable power supply at a lower cost, particularly in remote locations with weak grid infrastructure or on islands that are still relying on diesel generators and biofuel systems for their electricity needs…

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