MANILA ELECTRIC Co. (Meralco) on Tuesday said it received the go-signal for a new subsidiary that will operate a network of charging stations for electric vehicles.
In a disclosure to the stock exchange, Meralco said it received the certificate of registration of eSakay, Inc. from the Securities and Exchange Commission.
The wholly owned subsidiary was formed to “engage in the business of owning, maintaining, and operating transport service networks of charging stations, batteries and vehicles utilizing electric energy.”
Meralco expects eSakay to capitalize on the growing demand for electric vehicles, such as e-trikes, e-jeeps and e-shuttles.
“We see opportunity in the development of e-vehicles moving forward. At the same time, it’s also pro-environment. So we wanted to also contribute, of course, to the reduction in [carbon] emissions,” William S. Pamintuan, Meralco’s lead lawyer, said in December 2017.
Meralco earlier said it is looking at establishing the charging stations within the distribution utility’s franchise area — largely Metro Manila.
ESakay faces competition from QEV Philippines Electromobility Solutions and Consulting Group, Inc., which has made some headway in creating an e-vehicle ecosystem.
QEV Philippines last year said it is targeting to install 200 charging stations by 2022. Half of the fast chargers will be located at SM malls, while the rest will be in Shell outlets.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorldthrough the Philippine Star Group, which it controls.
(March 7, 2018). Meralco’s eSakay gets green light. Business World. Retrieved from http://bworldonline.com/meralcos-esakay-gets-green-light/