PHILIPPINE President Ferdinand R. Marcos, Jr. on Monday said the StB GigaFactory, Inc.’s newly built battery manufacturing plant will pave the way for more investors in the renewable energy (RE) industry as the country tries to boost its share in the energy mix.
The facility could generate P5 billion in revenues for the government and 2,500 jobs when it hits full capacity in 2030, the President said at the inauguration of StB Gigafactory’s manufacturing plant for iron phosphate batteries in the Clark Special Economic Zone in Capas in Tarlac.
“The StB GigaFactory sets the stage for the Philippines to become a player in clean energy storage in our part of the world, in Southeast Asia, in our region,” Mr. Marcos said in his speech at the event, which was sent to reporters via e-mail.
“Your products could help entice more investors in renewable energy facilities in the country, the upstream and the downstream businesses that will come from this are just going to be tremendous.”
The Department of Energy last week said it has issued endorsements to eight RE projects and one battery energy storage system.
The Philippines aims to raise the share of RE in the energy mix to 25% by 2030 and to 50% by 2040 from the current 22%.
Mr. Marcos said the battery manufacturing plant is expected to produce two gigawatt-hours worth of batteries yearly, powering about 18,000 electric vehicles and nearly half a million home battery systems.
StB GigaFactory produces batteries for energy storage backup for solar photovoltaic for residential, commercial, and industrial use.
The company is the first locator in Filinvest Land, Inc.’s Filinvest Innovation Park in New Clark City in Capas, Tarlac. It hopes to export 70% of its output to Australia and Southeast Asia, with some of its output to be distributed within the Philippines.
The construction of the manufacturing plant was among the deals bagged during the ASEAN-Australia Special Summit in March, where Mr. Marcos secured about P86 billion worth of business deals.
The Maharlika Investment Fund is eyeing opportunities to invest in the renewable energy sector particularly in off-grid power and infrastructure, Maharlika Investment Corp. (MIC) Chief Executive Officer Rafael D. Consing, Jr. earlier said.
He has said the MIC plans to raise about $1 billion for energy projects on grid modernization, electricity distribution and new sources to “diversify supply and create price stability.”
Energy Undersecretary Sharon S. Garin has said battery technology is evolving fast enough for the Philippines to meet its RE targets. She said the agency was looking to attract more battery system companies to introduce these advanced systems for local energy projects.
“This facility runs in tandem with the Philippines’ renewable energy landscape, as we transition our country to renewable energy,” the President said.
“This certainly aligns with our plans to develop the country’s electric vehicle industry and produce locally made EVs and EV components, reducing our reliance on imported fuels.” — John Victor D. Ordoñez
