The Manila Electric Co. (Meralco) is moving deeper into the renewable energy space with its participation not just in owning and operating electric vehicles, batteries and charging stations but in their manufacture as well.
Meralco is setting up a wholly-owned subsidiary, Movem Electric, Inc., according to documents on file at the Securities and Exchange Commission.
In a disclosure to the Philippine Stock Exchange, Meralco said Movem Electric will own, create, develop, manufacture, produce, assemble, configure, reconfigure, use, manage, maintain, operate, repair, improve, test, build, install, license, sell, market, distribute, lease, import and export, transport service networks utilizing electric energy and other alternative energy sources, among others.
The subsidiary will also be involved in transport service networks utilizing electric energy, particularly their component charging stations, hardware, software, batteries, vehicles, accessories, parts, gadgets, digital applications, and other equipment related to the business, for the purpose of transporting passengers and merchandise, of every kind and nature, both for domestic and foreign markets, including investing, owning or holding interests in similar businesses to subsidiaries, affiliates or any entity.
Prior to this, Meralco in 2017 also formed eSakay Inc. to engage in the business of owning, maintaining and operating transport service networks of charging stations, batteries and vehicles utilizing electric energy and other alternative energy sources.
Meralco, apart from Movem Electric and eSakay, has nine other subsidiaries engaged in the construction of power plants, telecommunications infrastructure, retail electricity supply, bills payment collection, non-life insurance, as well as engineering, procurement and construction services.
The subsidiaries include Meralco PowerGen Corp., Meralco Industrial Engineering Services Corp., MServ, Radius Telecoms, M Pioneer Insurance, Vantage Energy, Bayad Online and MRail.
