Converge ICT Solutions said it will get its clean power from First Gen Corporation (First Gen), a leading power generation company in the Philippines and switching to 100% renewable energy for its main office in Pasig City.

First Gen will provide a maximum of 1.5 megawatts during the first year, increasing to 2.5 megawatts through its second year. Purchasing a total of 2.5 megawatts (MW) of geothermal energy up to 2023, Converge disclosed to the stock market.

According to Converge CEO Dennis Anthony Uy, “The clean energy that First Gen will provide for our head office in Pasig complements our business in more ways than one. It reflects our choices as a responsible company that wishes to do its share for the environment,”

“Aside from helping save the environment, we also expect operating cost savings, although this isn’t the primary reason for the switch. Our driver for partnering with First Gen is to reduce our greenhouse gas emissions and give back to the planet,” said Converge President and Chief Resources Officer Grace Uy.

Converge ICT Solutions is taking a first major step to achieve their goal of a low carbon future and commiting to the sustainability with greener options for its operations. First Gen Corporation (First Gen) and Converge ICT Solutions Inc. has a two year supply contract and will become effective on September 26.

Converge ICT share price recovered for the second day of trading and close with a 5.97% gain for the day.

Basic Energy Corporation has decided to take up to 60% stake in FilOil Energy Company. In its recent disclosure, BSC has stated that it envision to become a total energy company.

Recent disclosure states that;

Basic Energy Corporation (the “Company”), aligned with its corporate purposes, has had in its vision for some time to become a total energy company, which progressed with the recent subscription of MAP 2000 Development Corporation (M2DC). This paved the way for Basic Energy to pursue its vision. The decision to eventually invest in Filoil Energy Company, Inc., a downstream oil participant, will culminate the Company’s objective to become a complete energy enterprise with end- to-end activities from the upstream oil business, renewable energies or alternative power sources, and downstream gas and oil business and allied logistics services.

(RPT) Took actions to the proposed Equity Investment of the Company in Fil Oil Energy Company Incorporation. After it’s review and discussed by the Risk Committee, agreement, endorsement to the RPT Committee for the closer thinking and review, both Committees have unanimously approved the same and also recommended the matter for Board Approval.

It then added;

Board presentation discussed the members of Board Directors has the resolution to accept the proposed equity investment of Fil Oil Energy Company Inc. and require interest with up to 60%

The approval of the Company’s Board to proceed with the intended Equity Investment. Remaining disclosures will follow while the execution stage is on going and submission of advisement report on the material.

Basic Energy Corporation (BSC) is currently trading at 0.71/share.