The National Development Company (NDC) expects to sign the co-investment agreement for SolX Technologies, the country’s first power marketplace platform, in the fourth quarter of 2023.
NDC assistant general manager for special projects group Saturnino Mejia said five co-investors, including NDC agreed to fund the startup.
“This has been in the drawing board since 2020. We’re about to sign the agreement anytime soon, since the NDC board has already approved the project and will release our counterpart funding as soon as we sign the agreement with SolX and with our co-investment partners,” he said over the weekend.
NDC said it would use its startup venture fund under Republic Act 11337 or An Act Providing Benefits and Programs to Strengthen, Promote and Develop the Philippine Startup Ecosystem.
Solx started as a platform that enables participants of the Wholesale Electricity Spot Market (WESM) to select the best retail electricity supplier that fits their energy needs.
SolX offers a real-time energy monitoring system which generates data and analytics for better decision making, and assist customers in submitting technical reports to comply with the Philippine government’s regulatory requirements on energy efficiency and conservation.
The platform has over 50 commercial and industrial facilities that generated savings of more than P300 million for clients. The platform managed to advise about 125 megawatts (Mw) worth of local demand nationwide.
Its biggest clients include Converge ICT Solutions Inc., Bountry Fresh, Splash Corp., Digital Edge, Polyline Industries, VST ECS Phils. Inc., Bestpack Pckaging Solutions Inc., and OneStop Warehousing Solutions Inc.
Along with NDC, co-investors into SOLX area Foxmont Capital Partners, IdeaSpace, Japanese firm RealTek and Leave a Nest Capital.
