The National Development Company (NDC) signed a non-binding letter of intent with Australia-based Cyclion Holdings Pty. Ltd. on energy security and sustainability.
Both companies agreed to explore, evaluate and consider the proposed potential equity for the waste-to-energy project.
The government investment arm believes that the collaboration with Cyclion falls within the NNDC’s investment criteria of pioneering developmental, inclusive, sustainable and innovative projects.
The proposed investment will depend of the outcome of NDC’s due diligence, Cyclion’s compliance with NDC’s documentation and governance framework requirements and approval from the NDC board of directors.
NDC confirmed that Cyclion Holdings was raising funds to finance the construction of the first 50 metric tons per day ( MTPD) pilot plant in the Philippines.
The power project aims to reduce the Philippines’ dependence on imported fuel and disassociate from the influence of the Organization of the Petroleum Exporting Countries (OPEC) on fuel prices, NDC said.
Cyclion is a clean tech company providing waste-to-energy solutions through a patented technology that uses various catalysts and ionic fluids to convert municipal solid waste (MSW) into electricity or fuel with minimal or no pre-treatment.
The technology involves an environment-friendly method of liquefaction that converts mixed waste of plastics and biomass into oil at low temperature and pressure.
