The Development Bank of the Philippines (DBP) announced that it has granted a P750-million revolving credit line to an energy firm for the manufacture and export of cost-effective and sustainable energy storage systems.
The bank said these cost-effective and sustainable energy storage systems will be used in power generation activities of renewable energy companies.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank released the funding assistance to Amber Kinetics Philippines Inc. (AKPI). Herbosa said the financing would be used to partially finance the company’s working capital and other short-term operational requirements for the domestic and export sale of its novel Flywheel Energy Storage System.
“DBP is ecstatic about this project as it manifests our passion for supporting ground-breaking environment-friendly processes and new technologies that promote the more efficient utilization of green energy.”
AKPI’s parent company, Amber Kinetics, Inc. (AKI), developed its patented Kinetic Energy Storage System that features a flywheel which converts and stores electrical energy in a rotating mass and is more superior than traditional batteries in terms of unlimited daily cycling capability, high round-trip efficiency, zero capacity degradation, and has no chemical reactions.
The company established its first manufacturing site in Sto. Tomas town in Batangas and has plans to open a second manufacturing facility also in the province to meet growing demand.
Herbosa said the introduction of this 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.