In a complex energy market, Filipino startup SoIX Technologies, Inc. wants to make it easier for the public to access renewable energy through digital platforms and technology that will expand the company’s presence beyond the Philippines and boost the country’s position in the value chain.
In October, SoIX secured 11 million pesos (around $193,500) in funding from the National Development Company’s Startup Venture Fund (SVF), making it the country’s first government-backed startup. The same amount was matched by Japanese venture capital firm Real Tech Holdings.
"I'm very confident that with our country's skill, resourcefulness and motivation, we can attain great success in the energy industry. We are just getting started. We will continue to work very hard because Filipinos are worth it. We are all worth it. We hope that we can rally together to revolutionize the energy industry in our country,” said SoIX Technologies, Inc. CEO Sergius Santos.
Offering flexible rates and demand-driven prices, SoIX offers clients a non-traditional power subscription by matching energy requirements based on energy load.
COO Matt Levin Tan said the company’s clients include leading players in manufacturing and telecommunications, among others, adding that its current clientele has a total monthly consumption of 160 MW, with its biggest customer using around 8 MW per month.
In a separate statement, Foxmont Capital Partners (Foxmont), an investor from SolX’s prior round and one of the SVF’s accredited partners, expressed excitement over the follow-on investment. According to Foxmont, these new investments reaffirms their confidence in SolX's potential and in the solutions the startup offers
In 2022, renewable energy sources in the Philippines generated total electricity of around 15.5 terawatt-hours, most of which came from geothermal, biomass, and other renewable energy sources. Solar energy accounted for 1.8 terawatt-hours that year, according to Statista Research Department.
