Filipino startup SolX Technologies, Inc. aims to grow its footprint outside the Philippines, its chief executive officer Sergius Santos said.
On Tuesday, SolX received the PHP11 million funding from National Development Company (NDC)-managed Startup Venture Fund (SVF), making it the first startup in the country to receive government investment.
It also received the same amount of financing from Real Tech Holdings, a venture capital founded in Japan.
SolX caters to the retail electricity market by providing a platform that allows its clients to choose the right suppliers for their power requirements aside from getting it from distribution utilities.
Santos said their subscribers save an average of 25 percent in their electricity cost by sourcing their power requirement directly from accredited power suppliers.
He added that SolX more than 50 clients have recorded a total of PHP400 million of energy cost savings by using its online platform.
“Right now, our technology is for the Filipinos. But we know that Filipino engineers are capable of bringing so much more in bringing this technology and our vision to provide affordable and accessible electricity to Asia as well,” Santos said during the SVF investment announcement event in Makati City Tuesday.
On the sidelines of the event, SolX chief operating officer Matt Levin Tan said SolX clients are mostly commercial consumers, such as manufacturing company, telecommunications company, and other industry leaders.
The startup’s current number of clients have total monthly energy needs of 160 megawatts, with its biggest client requiring 8 MW of power in a month, Tan added.
SolX subscribers have at least an electricity bill of PHP150,000 a month. (PNA)
