Amber Kinetics to expand operations in PHL–exec
By Lenie Lectura – July 12, 2024
from Business Mirror
Amber Kinetics Inc. is investing some $400 million in the expansion of its energy storage system business in the Philippines and the United States, according to its chief executive.
The company specializes in flywheel energy storage systems (FESS) with a power capacity of 32kWh/8kW suitable for a range of applications, from grid-connected systems to microgrid solutions and remote area power applications. The FESS does not contain nor emit any hazardous materials over its design lifespan of 30 years.
Amber Kinetics CEO Edgar Chua said the company will put up another manufacturing facility in the Philippines which will cost $100 million.
“In the Philippines, we expect to complete the plant by the first quarter of next year. We’re doing negotiations with the owner of the facility and then we’re doing due diligence at the site. In the Philippines, it could be about $100 million,” said Chua.
Amber Kinetics opened its first manufacturing site in the Philippines in 2018. It is located in Batangas City.
“It’s a very big property,” said Chua. “The size is four and a half hectares. It used to be a Korean manufacturing facility which shut down in October of last year and we have identified it as an ideal site for us to put our third plant and that plant will have a capacity of maybe 30,000 units. Together with our existing facility, which is about 10,000 units, the Philippines will have about 40,000 units capacity.”
The company is based in Silicon Valley and has already commissioned the FESS in the Philippines, China, Japan, Hawaii, US, and Australia.
Chua said Amber Kinetics is currently engaged in various fundraising activities for its expansion plans. “We are currently doing a fundraising, both in the US and in the UK. Once we are successful and complete the fund raise then we can already start the implementation of the plant.”
As for the planned US plant, Chua said it would be able to handle 50,000 units of FESS a year.
“From a location point of view, what we have done is we have already prioritized about five to ten areas in the US, different states in the US. We are looking at maybe two to three places to put up a plant. Each plant will have a capacity of maybe 50,000 units per year and the investment size we are looking at will be about $200 million to $300 million.”
He said plans for the US could materialize in over a year. “We are extremely optimistic about the potential of putting up factories in the US. Depending on our proceeds, the plan is to have three plants in the US and maybe a small plant in Australia in the next two years,” said Chua.
Amber Kinetics has put up demo sites at the De La Salle University, where Chua is CEO. Its customers in the Philippines include Meralco, ACEN, Emerging Power Inc.
