In line with the Manila Electric Company’s (MERALCO) clean energy endeavors, the company expressed its interest in investing in electric vehicle (EV) assembly or manufacturing, in partnership with other EV companies.
MERALCO, however, will not venture into nickel mining.
In a report by BusinessMirror, company CEO Manuel V. Pangilinan said they would like to keep MERALCO as a power company. Nevertheless, they are looking at the development of the nickel industry since the future of EVs is bright.
He added that MERALCO wants to be in the same position as major car manufacturers in terms of not pursuing fossil fuel vehicles starting in 2027.
MERALCO said it will fulfill its duty to participate in the country’s shift to EVs. Additionally, given its well-established network across the country, it is in an advantageous position to establish EV charging stations.
According to MVP, in terms of acquiring a vehicle, its capital cost is the main difficulty, but the operating costs are now in favor of EVs since it costs less to operate compared to fossil fuel.
Pangilinan said the mission of MERALCO is to lure investors in order to assemble or manufacture bodies of these prospective vehicles.
Meanwhile, MERALCO has not yet released a concrete proposal but pledged to support the board for its initiatives aligned with EVs, adding that the basis for when their company will start rolling out the charging stations will be on the shift from fossil fuel to EV.
MERALCO added that they do not have a particular target firm in mind but the search is still ongoing.