Power retailer Manila Electric Co. formed a new subsidiary that will focus on the development and deployment of different electric transport solutions.
Meralco said in a disclosure to the stock exchange Tuesday it received the original documents from the Securities and Exchange Commission of Movem Electric Inc.
Movem was incorporated 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.
“The incorporation of Movem Electric Inc. is in line with Meralco’s plans to be a major player in the growing electric vehicle industry,” the company said.
It said another subsidiary eSakay, which operates a fleet of eJeeps, would focus on public transportation service.
Meralco said it is committed to enabling and supporting the country’s transition towards a cleaner and a more sustainable transport system.