Basic Energy sees closing electric vehicle charging deal in Q3
Basic Energy Corp. (BEC) expects to seal a deal with an electric vehicle (EV) charging firm within this quarter to deploy more charging points in the country.
Oscar de Venecia, president and chief executive officer of BEC, said the talks are now in an “advanced” stage. He did not name the potential partner, but said it was a local firm.
The listed firm focusing on renewable energy and alternative fuels said the agreement would be pursued by its subsidiary, Basic Energy Renewables Corp. It will entail the codevelopment of EV charging stations under its brand.
“Hopefully we can finish within a very near future, within the next month or so,” De Venecia told reporters following the company’s annual stockholders’ meeting last week.
“These chargers will support both private EV users and public EV vehicle fleets, particularly those being developed by an affiliate company, Ecology Builders Development Corp.,” he added.
The group’s pilot EV charging station, developed in partnership with Ecology Energy Corp., is located along Epifanio de los Santos Avenue in Mandaluyong City.
Halted expansion
De Venecia said the company halted the expansion of EV charging stations for a while as it was exploring other equipment to accommodate all-electric cars.
“We don’t want to cater to just one kind. When you go to a station, it shouldn’t be that only Nissan or only Toyota can charge there. It can’t be like that,” he said.
The executive was hopeful that this new deal would place BEC “firmly within a fast-growing segment of sustainable transportation.”
“These efforts will also contribute to the clean energy transition,” he added.
The Chamber of Automotive Manufacturers of the Philippines Inc. earlier said that 4 percent of the estimated 500,000 vehicle purchases this year will be EVs.
Expected to drive growth in the industry are increasing consumer adoption, better government policies, improved charging network and the entry of more players.
