MANILA, PHILIPPINES (21 February 2023) — The Asian Development Bank (ADB) and Wyntron Inc. (Wyntron) has reached financial close for a $20 million loan for capital expenditure to expand the manufacture and export of electric vehicle (EV) charging equipment in the Philippines.
The financing will be used to purchase and refurbish production facilities and to procure essential machinery to support Wyntron’s production capacity expansion in 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.
“Charging equipment is a critical component in the EV global value chain and is essential in the decarbonization of the transport sector and the global reduction of greenhouse gas emissions,” said ADB Private Sector Operations Department Director General Suzanne Gaboury. “This assistance will provide a significant boost to the Philippines’ EV-related manufacturing industry, helping to generate export revenue, and providing new jobs and training for local skilled workers, engineers, and graduates.”
Additionally, ADB will help Wyntron to develop a gender action plan to enhance women's participation in management training and career development programs, provide paid on-the-job internships for female engineering students, and have human resources officers trained on anti-sexual harassment and gender equality programs.
“With this investment, Wyntron will be able to substantively increase our competitiveness, in both quantity and quality, within the burgeoning global EV charging equipment market,” said Wyntron Chairperson SungHyuk Steven Lee. “We highly appreciate ADB’s responsiveness in this deal and see this as a mark of trust and faith in our company and our people.”
Wyntron was incorporated in 2006 in the Philippines as part of the Danam Group based in the Republic of Korea. Danam Group was founded in 1985 with interests in telecommunications and navigation research, aerospace and electronics manufacturing.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.