US firm, MPower eye over $400-m energy project
By Alena Mae S. Flores – March 13, 2024, 7:15 pm
from manilastandard.net
Ally Power, a Maryland startup and MPower Inc., the Philippines’ largest electric retail supplier, are looking at a more than $400-million agreement with MPower Inc., the Philippines’ largest electric retail supplier to collaborate and build a hydrogen and electric refueling station.
The agreement is part of the US Presidential Trade and Investment Mission to the Philippines. The station will produce hydrogen, electricity and sodium aluminate to support the country’s energy security and climate change agenda.
MPower is the retail electricity arm of Manila Electric Co., the country’s biggest power retailer, while Ally Power builds clean, renewable and sustainable hydrogen fuel-cell and charging solutions.
Meanwhile, Ally Power and Meralco Power Academy, a platform that offers technical exchanges, training and innovation for the power and energy industry, alongside the University of the Philippines through a Center of Excellence will work together to promote breakthrough American renewable energy technologies.
Meralco is pursuing long-term sustainability strategy (LTSS) to help achieve energy security and contribute to the nation’s development.
Meralco earmarked over P100 billion in capital investment through 2030 to fund programs under its LTSS. The investment will catalyze critical projects intended for its distribution network, making it not only sustainable but also smarter and more resilient amid the challenges posed by climate change.
These projects include enhancing grid reliability, reducing system loss, transitioning to natural ester oil for distribution transformers, implementing energy efficiency solutions, and expanding electric vehicle (EV) fleets and infrastructure.
Meralco chairman and chief executive Manuel Pangilinan said the company is accelerating its transition to green energy by leveraging next-generation technologies such as nuclear energy and battery energy systems, charting a course towards deep decarbonization with the goal to become coal-free by 2050.
Meralco is also ramping up its renewable energy (RE) buildout through MGen Renewable Energy Inc. (MGreen), a wholly owned subsidiary of Meralco PowerGen Corp. to accelerate the development of RE projects primarily from solar and wind sources.
