The Asian Development Bank (ADB) and Wyntron Inc. (Wyntron) agreed to provide a $20 million loan to expand the manufacture and export of electric vehicle (EV) charging equipment in the Philippines, the bank announced on Tuesday.
The financing will be used to purchase production facilities and essential machinery to support Wyntron's production capacity expansion in the Cavite Industrial Park in the south of Manila.
Wyntron will expand the production of alternating current (AC) EV charger stations for residential and commercial purposes.
'The stations will be capable of overnight or 4- to 6-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,' the statement read.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr