Patrizia, Mitsui invest $250M in ‘green’ parking lot startup

Local startup Parkwise Inc. received a capital infusion of $250 million from the joint venture of investors Patrizia and Mitsui & Co. Ltd. to build parking facilities equipped with electric vehicle (EV) charging stations.

The mobility solutions company, which manages over 80 parking facilities now, builds car parks at hospitals, universities and airports.

Parkwise establishes parking facilities—integrated with rooftop solar—amid the growing demand for parking as more Filipinos buy personal vehicles.

The startup has observed that inadequate parking supply, especially in Metro Manila, has made the roads congested. Its solution aims to scale up off-street parking in strategic locations where demand for parking is high.

Parkwise director Alf Wilson said they wanted to “create a network of high-quality parking facilities that not only meet current demands but also anticipate future needs.”

“We believe that our integrated approach will significantly contribute to the growth of sustainable mobility in the Philippines,” Wilson added.

“We are excited to introduce Parkwise to the Philippine market, as the adoption of climate-friendly mobility solutions is a critical element of the low-carbon transition to meet net zero goals,” said Saji Anantakrishnan, head of infrastructure for Australia and Asia at Patrizia.

Big backers

Patrizia invests in real estate and infrastructure, managing approximately 55 billion euros in assets.

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Mitsui, meanwhile, is a global trading and investment company operating in over 60 countries with a portfolio comprising infrastructure, mobility and energy, among others.

Car manufacturers saw their sales grow by 8.7 percent to 467,252 units last year, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association.

Bulk of the units sold were commercial vehicles, which rose by 8.1 percent to 346,482 units last year. Passenger car sales, meanwhile, were up 10.5 percent to 120,770 units.

Toyota Motor Philippines Corp. sold the most cars with 46.66-percent market share. It was followed by Mitsubishi Motors Philippines Corp. with 19.07 percent and Ford Group Philippines with 5.99 percent.