Meralco forms new subsidiary

MANILA, Philippines — The Manila Electric Co. (Meralco) has formed a new subsidiary that will engage in electric energy and other alternative energy sources.

Meralco said the new wholly-owned subsidiary called Movem Electric Inc. would focus on the development and deployment of different electric transport solutions.

“Meralco is committed to enable and support the country’s transition towards a cleaner and a more sustainable transport system,” it said.

Movem Energy’s primary purpose is “to own, create, develop, manufacture, produce, assemble, configure, reconfigure, use, manage, maintain, operate, repair, improve, test, build, install, license, sell, market, distribute, lease, import and export, transport service networks utilizing electric energy and other alternative energy sources.”

It will also be engaged in component charging stations, hardware, software, batteries, vehicles, accessories, parts, gadgets, digital applications, and other equipment related to the business.

Meralco said these transport service networks utilizing electric energy and other alternative energy sources will be developed for the purpose of transporting passengers and merchandise both for domestic and foreign markets.

It includes investing, owning or holding interests in similar businesses to subsidiaries, affiliates or any entity in which the corporation has lawful interest, the company said.

“The incorporation of Movem Electric Inc. is in line with Meralco’s plans to be a major player in the growing electric vehicle industry,” Meralco said.

“eSakay, which currently operates a fleet of eJeeps, meanwhile will focus on public transportation service,” it said.

In November last year, Meralco announced that its board approved the creation of a new subsidiary to engage in providing and integrating end-to-end electric mobility solutions.

Meralco, through wholly-owned subsidiary eSakay Inc., provides end-to-end and tailor-fit electric vehicle and charging infrastructure solutions to private and public sector customers throughout the country, helping them modernize and electrify their transport systems.