Australian-based investment firm St Baker Energy Innovation Fund announced Monday that it will establish a lithium-ion battery manufacturing plant in the Philippines with annual production capacity of over 1GWh.
The factory is designed to help “weather-proof global solar generation” and support the uptake of renewables in homes and larger premises around the globe, the new “StB Giga-Factory” will produce lithium-ion phosphate (LiFePO4) battery packs.
In other words, it is designed to support the rollout of technologies that is making redundant coal-fired power, the business that made St Baker his wealth. St Baker recently sold his interest in the Vales Point coal plant, but he has long been interested in new technologies through the innovation fund.
Commercial production at the new factory is expected to begin in the first quarter of 2024 with an initial production output of 150MWh each year, before ramping up to full first-stage production capacity of 1.2GWh by 2030.
The St Baker Energy Innovation Fund (StBEIF) will be targeting markets in the Philippines as well as global export to the neighboring ASEAN region as well as Australia, the United States, and India.
LiFePO4 batteries produced at the new gigafactory, which is set to be located in a free-trade zone at the Filinvest Innovation Park, New Clark City, will be destined for use with residential and commercial solar PV systems, small electric vehicles, and public EV DC fast charging stations.
“StB Giga-Factory is positioned to capture the once in a century transition towards a renewable energy electricity system, in which lithium-ion batteries are expected to play a pivotal role,’’ Trevor St Baker said in a statement.
“Our battery products will reduce greenhouse gas emissions, improve fuel independence, improve electricity reliability, decrease the grid reliance for EV charging at peak system demand times, and with major electricity cost savings for households and businesses, and transport users generally.”
The StB Giga-Factory will employ around 150 Filipino engineering, technical, finance, and administrative positions.
St Baker also expects that his new StB Giga-Factory will eventually further expand its production capacity to meet ballooning demand.
