The Manila Electric Co. (Meralco) will put up a new subsidiary that will venture into transport service networks, including electric vehicles (EVs) and charging stations, for public use in support of the country’s rising EV industry.
The company disclosed that it received the Certificate of Registration from the Securities and Exchange Commission for its unit, eSakay Inc.
The new subsidiary will engage in the business of owning, maintaining, and operating transport service networks of charging stations, batteries, and vehicle utilizing electric energy and other energy sources.
Meralco looks to support the EV ecosystem with its new subsidiary as it sees opportunity in developing e-vehicles that is pro-environment as it can help in lowering emissions, Meralco first vice president and legal and corporate governance head William Pamintuan said.
The power distributor looks to provide public EVs like e-trikes, e-jeepneys or e-shuttles through this subsidiary.
The unit will also be creating charging stations that will not only support the use of EVs but drive more electricity demand for Meralco. The stations are initially targeted within its franchise.