DBP and Amber Kinetics sign P750M loan to advance flywheel energy storage technology
Amber Kinetics Philippines (AKP) recently received a loan grant of PHP750 million from the Development Bank of the Philippines (DBP) to help mobilize the production, expansion, and distribution of its flywheel energy storage.
Hailing from Silicon Valley in the US, Amber Kinetics developed the world’s first and only long-duration flywheel technology as an environmentally safe and efficient kinetic energy storage system. Now in the Philippines, the company seeks to contribute towards the national government’s goal of enhancing power stability within the country and accelerating integration of renewable energy.
With enhanced manufacturing capabilities, AKP also aims to serve international markets that look to explore flywheel energy storage. Having the sites and services in the Philippines, trail-blazes the demand for higher value-added industrial activities, promoting the country as a strategic destination for leading-edge innovation and development.
DBP staunchly supports the integration of new technologies which can help facilitate the country’s energy transition. Furthermore, topical issues such as energy availability in remote areas of the country and unstable electricity supply create a need for flexible solutions. With the partnership, AKP looks to further goals of ensuring reliable, accessible, and sustainable energy through its flywheel technology.
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