Flywheel energy storage company Amber Kinetics is expanding its manufacturing operations in the Philippines and the US with potential investments of up to $400 million.
Amber Kinetics president Edgar Chua said the company was studying opening two to three manufacturing sites in the US for long-duration kinetic energy storage system (KESS) that would support the growth of renewable energy.
A flywheel is a rotating device which stores kinetic energy. The flywheel does not contain nor emit any hazardous materials over its design lifespan of 30 years. The modular system is suitable for applications such as capacity or demand reduction and ancillary services.
Chua said Amber Kinetics would also put up another facility in the Philippines which is expected to be completed by the first quarter of 2025.
He said investments could reach $100 million in the Philippines, and $200 million to $300 million in the US.
Chua said the Philippines manufacturing facility, which would have a capacity of 30,000 units annually, would be its third plant.
He said the US sites were expected to be operational in 12 to 18 months. Each US plant will have a capacity of 50,000 flywheel units per year.
“We are currently doing a fund-raising both in the US and in the UK. Once we are successful and complete the fund raise, then we can already start the implementation of the plant,” Chua said.
He said they were also looking at building a small facility in Australia.
Chua said Amber Kinetics may conduct an initial public offering in the US after three years. The company is also in talks with potential investors such as sovereign wealth funds and investment companies.
“And I think the IPO may come three to five years down the road once the company has demonstrated sustained profitability and growth because then, we will have good pricing for the share price,” he said.
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