Aboitiz Power [AP 32.95 ?0.9%; 88% avgVol] [link] confirmed a report that it has created a “venture studio” – called 1882 Energy Ventures Incorporated (EVI) – to “build new startups in energy”. AP said that the goal is to encourage startups “to make a more decentralized energy system”, including businesses involving electric mobility and (according to the article) “energy internet of things and data”. AP said that they would update the exchange whenever there are “material concrete developments” with EVI.
MB BOTTOM-LINE: From here it’s too soon to say whether EVI is a real thing or just a busywork vanity project. On the one hand, the Aboitiz Family has an unprecedented level of influence in the power and energy sector right now thanks to the family’s closeness with the President and the strategic positioning of its former executives in the highest energy positions in the land. It’s not hard to imagine a world where EVI benefits immensely from the inside knowledge that the Aboitiz Family has access to, allowing EVI to allocate resources with less risk and greater market certainty. On the other hand, though, the whole story is filled with buzzwords that I’ve been conditioned to sense, and whenever I see lots of these words together in one short paragraph, it tends to be a concern. Those words are things like “venture”, “studio”, “startup”, “decentralized”, and the phrase “internet of things”. Anyone who has lost buckets of money chasing vaporware shitcoins from the previous pump will know exactly what I’m talking about. The only thing missing is the “whitepaper”. Now I’m not calling EVI a vaporware shitcoin, but I am saying that it’s wearing the vaporware shitcoin uniform, so it has a steep uphill battle (in my eyes) to materiality.
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