The Asian Development Bank (ADB) has reached a financial close with Wyntron Inc for a $20-million loan to fund the expansion and exports of electric vehicle (EV) charging equipment in the Philippines.
Wyntron, incorporated in 2006 in the Philippines as part of the Danam Group based in the Republic of Korea, will use the loan to buy and refurbish production facilities and to procure essential machinery to support its production capacity expansion in Cavite Industrial Park in the South of Manila, ADB said in a statement at the end of February.
The company will expand the production of alternating current (AC) EV charger stations for residential and commercial purposes.
Those stations will be capable of overnight or four- to six-hour fast charging, and include the EV charging equipment with bi-directional functionalities that allow a charged car battery to provide power to the home grid through the charger.
“Charging equipment is a critical component in the EV global value chain and is essential in the decarbonization of the transport sector and the global reduction of greenhouse gas emissions,” said ADB Private Sector Operations Department Director General Suzanne Gaboury.
“This assistance will provide a significant boost to the Philippines’ EV-related manufacturing industry, helping to generate export revenue, and providing new jobs and training for local skilled workers, engineers, and graduates,” Gaboury added.
Wyntron Chairperson SungHyuk Steven Lee commented, “With this investment, Wyntron will be able to substantively increase our competitiveness, in both quantity and quality, within the burgeoning global EV charging equipment market.”