The Development Bank of the Philippines (DBP) has provided a 750 million pesos revolving line of credit to an energy company for the manufacture and export of cost-effective and sustainable energy storage systems for power generation activities renewable energy companies, a senior official said.
DBP President and CEO Emmanuel Herbosa said the bank’s financial assistance to Amber Kinetics Philippines, Inc. (AKPI) would be used to partially fund the working capital of the company and other short-term operational needs for the domestic sale and export of its new Flywheel Energy Storage System.
“DBP is thrilled with this project as it demonstrates our passion for supporting revolutionary environmentally friendly processes and new technologies that promote more efficient use of green energy,” said Herbosa.
DBP is the country’s sixth-largest bank in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
AKPI’s parent company, Amber Kinetics, Inc. (AKI), has developed its patented kinetic energy storage system that includes a flywheel that converts and stores electrical energy in a rotating mass and is more Superior than traditional batteries in terms of unlimited daily cycle capacity, high round trip efficiency, no capacity degradation and no chemical reaction.
AKI has established its first manufacturing site in Sto. Tomas Town in Batangas and plans to open a second manufacturing plant also in the province to meet growing demand.
Herbosa said the introduction of this technology is seen as a boon to the electrical industry as it complements the gradual shift to renewable energy sources that offer variable returns, with an energy storage system that ensures that the overall electricity production corresponds to demand.
The bank is optimistic that the project would strengthen the country’s position as an emerging high-tech hub for mechanical battery storage as well as an export hub, he added.