EEI Corp., a listed Philippine construction group, said Friday it is venturing into the promising electric vehicle industry through an investment in the EV charging station business.
EEI said its subsidiary, EEI Power Corp., will take a 40 percent stake in a joint venture company it would form with Sysnet Integrators Inc. The joint venture company will form a new company that own, operate and offer Electric Vehicle Charging System, which comprise of software solutions and equipment for managing electric vehicle supply equipment.
Sysnet is a company that has more than 20 years of experience in distribution, installation and construction of telecommunications products, software, multi-media content, facilities, equipment and related products, including cloud services and solutions focused on the infrastructure, software and platform as a service. It has developed the Integrated Electric Vehicle Charging System and owns rights, licenses, technologies and source codes for the system.
Financial details of the joint venture weren’t immediately disclosed.
Charging stations are vital component for the growth of the electric vehicle industry in the country. The government is encouraging the increased usage of electric vehicles to reduce the emission of greenhouse gases and reduce the country’s dependence on imported oil. The Department of Energy expects around 2.5 million electric vehicles, including cars, tricycles, jeepneys and buses, to ply Philippine streets by 2028.
