AboitizPower Partners with Plug and Play to Boost Innovation and Agility

BANGKOK,April 8,2022 -- Global innovation platform Plug and Play announced today that AboitizPower,a leading energy company in the Philippines,will be its newest Anchor Partner of the Smart Cities Innovation Program in the Asia Pacific (APAC) Region.

AboitizPower will work hand in hand with Plug and Play APAC to discover new technologies and trends to accelerate its 10-year renewable energy growth strategy to achieve a 50:50 balance mix between its thermal and renewable portfolios by 2030. The partnership will also boost AboitizPower's digitalization strategy,which is a key driver of its sustainable energy transformation journey.

"Sustainability has always been at the core of AboitizPower's operations. Our balanced mix strategy has enabled us to supply our customers with reliable and affordable energy while keeping our environmental impact at a minimum. We expect that our partnership with Plug and Play will provide us with increased agility,adaptability,and innovative solutions that will allow us to achieve our growth aspirations and build a more sustainable future," said Emmanuel V. Rubio,President and CEO,AboitizPower

"With increasing uncertainty comes opportunities for adaptation. At AboitizPower,we believe that we must innovate to both sustain our current business and to create the future of energy. We believe that we cannot do this alone and that we must do this as a community. It is with belief that we join the Plug and Play community,"said Carlos Aboitiz,Chief Corporate Services Officer,AboitizPower.

"We're delighted to have AboitizPower,the largest subsidiary of the Philippines' most respected conglomerate Aboitiz Group,join the Plug and Play global innovation platform. Our goal is to provide the line of sight into the most innovative startups shaping the future of sustainable energy as well as digital transformation across other relevant Smart Cities industries," said Shawn Dehpanah,Executive Vice President and Head of Corporate Innovation and Investment at Plug and Play APAC.

Plug and Play's Smart Cities startups will now be able to work alongside AboitizPower and collaborate on new ideas and relationships towards its '4D's Modern Energy System strategy including Decarbonization,Digitalization,Decentralization and Democratization. Some of the key focus areas this year include Hydrogen,DERs & Virtual Power Plants,Energy Marketplace Platform,Carbon Capture & Storage and EV/EV Infrastructure.

About AboitizPower

AboitizPower is the holding company for the Aboitiz Group's investments in power generation,distribution,and retail electricity services. It advances business and communities by providing reliable and ample power supply at a reasonable and competitive price,and with the least adverse effects on the environment and host communities.

The company is one of the largest power producers in the Philippines with a balanced portfolio of assets located across the country. It is a major producer of Cleanergy,the company's brand for clean and renewable energy with several hydroelectric,geothermal,and solar power generation facilities. AboitizPower,together with its partners,is the Philippines' largest owner and operator of renewable energy based on installed capacity. It also has thermal power plants in its generation portfolio to support the country's baseload and peak energy demands.

The company also owns distribution utilities that operate in high-growth areas in Luzon,Visayas,and Mindanao,including the country's second and third largest private utilities.

In the next 10 years,the company will significantly expand its Cleanergy portfolio,in support of the government's efforts to promote renewable energy in the country. AboitizPower will build an additional 3,700 MW of renewable energy,growing its existing Cleanergy capacity threefold by 2030.

About Plug and Play

Plug and Play is a global innovation platform. Headquartered in Silicon Valley,we have built accelerator programs,corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006,our programs have expanded worldwide to include a presence in over 35 locations globally,giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 30,000 startups and 500 official corporate partners,we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs,and host more than 700 networking events per year. Companies in our community have raised over $9 billion in funding,with successful portfolio exits including Danger,Dropbox,Lending Club and PayPal.

For more information: visit www.plugandplayapac.com