Meralco to shift EV services to new subsidiary Movem
MANILA Electric Co. (Meralco) plans to shift some of the services provided by its electric vehicle (EV) unit eSakay, Inc. to a newly established subsidiary, Movem Electric, Inc., a company official said.
“We are just going to transition ourselves to Movem…, [and] a lot of it will be ‘yung ginagawa namin na (what we are currently doing such as) integration, offering vehicle charging stations, and integration services,” Meralco First Vice-President and Chief Sustainability Officer Raymond B. Ravelo told BusinessWorld on March 28.
In a previous regulatory filing, Meralco announced the establishment of a new subsidiary that will concentrate on creating and implementing various electric transportation solutions.
“The incorporation of Movem Electric, Inc. is in line with Meralco’s plans to be a major player in the growing electric vehicle industry,” the company said.
According to Mr. Ravelo, the new subsidiary will offer different services networks depending on the purpose and need of a client’s charging stations.
“It depends, so some of it will be depending on the use of the charging station. It could be a fast charger or a slow charger, it will be fit for purpose,” Mr. Ravelo added.
Meanwhile, the power utility giant’s other unit eSakay will now focus on public transportation as it continues the operation of its fleet of eJeepneys.
“eSakay as it is today has a transport service offering. Both private and public, we offer and manage transport services to multiple private sectors and institutions,” he said.
The Electric Vehicle Industry Development Act (EVIDA) has led to an increase in the use of EVs due to the rising cost of conventional fuel. The act also zeroes the rate on EV transportation.
As the EV industry becomes more “economically viable,” Meralco anticipates growth due to an increase in demand for EV units and transportation services, according to Mr. Ravelo.
“I guess we still want to see how this is going play out as EVIDA is very new, we’re anticipating that eSakay and the new company will be a big contributor,” he said.
“Maybe in a few months or a few years’ time we’ll have a better sense,” he added.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Adrian H. Halili
