Gov't-Backed Startup On Energy Savings Succeeds

Filipino startup SolX Technologies, Inc., the first government-backed startup in the country, reported that its online platform has helped clients save PHP400 million on energy costs.

The startup's current client base has a total monthly energy demand of 160 megawatts, with the largest client requiring 8 MW of power per month. I Photo: SolX Technologies Inc.

Over 50 clients have achieved these savings through their platform. SolX emerged as the winner in the regional startup competition at Ignite 2023, a tech conference held on October 12-13 at the Fairmont Hotel in Makati City.

This achievement marked it as the first startup in the Philippines to receive government investment.

The startup recently secured PHP11 million in funding from the Startup Venture Fund (SVF), managed by the National Development Company (NDC), the investment arm of the Department of Trade and Industry (DTI).

They also received the same amount of financing from Real Tech Holdings, a venture capital firm based in Japan.

SolX CEO Sergius Santos explained that their company serves the retail electricity market by providing a platform that enables clients to select the right power suppliers for their needs, in addition to obtaining it from distribution utilities.

Subscribers have saved an average of 25 percent on their electricity costs by sourcing their power directly from accredited suppliers.

The majority of their clients are commercial consumers, including manufacturing companies, telecommunications companies, and other industry leaders. Their current client base has a total monthly energy demand of 160 megawatts, with the largest client requiring 8 MW of power per month.

SolX subscribers typically have monthly electricity bills exceeding PHP150,000.

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