PURE Energy Holdings Corp., the parent company of listed Repower Energy Development Corp. (REDC), said it plans to venture into artificial intelligence (AI)-powered agricultural technology.
The company will begin with the construction of a pilot model for a climate-controlled indoor farm by the third quarter of 2024, Pure Energy said in a media release on Wednesday.
The company said it will source power from its subsidiaries, NexGen Energy Corp. and REDC, to provide 24/7 power for its planned indoor farms.
Pure Energy said that this will enable the company to run its equipment to produce “designer fruits and vegetables.”
According to the company, indoor farms can grow sustainable food 24/7 due to climate-controlled temperature indoors.
“The agricultural sector in the Philippines is one of the major components of the Philippine economy, but it continues to experience adverse impacts from various factors such as climate change,” Pure Energy President Eric Y. Roxas said.
The company aims to produce designer fruits and vegetables, including strawberries and dou miao, as it believes they have a niche market and strong potential for revenue growth.
“However, we will not pursue lower-margin vegetables such as lettuces or local tomatoes given there are a dime a dozen greenhouse-grown bitter or sour produce of these everywhere,” Mr. Roxas said.
Currently, Pure Energy is operating “normal” farms in Tagaytay and Quezon which produce designer fruits such as sweet red-orange jackfruit, aromatic pandan coconuts, yuzu, amalfi lemons, and macadamia nuts.
“These fruits and nuts are produced in microclimate conditions specific to each plant,” the company said.
Established in 2013, Pure Energy is an investment holding company that engages primarily in renewable energy generation and water system management and distribution.
Its subsidiaries, NexGen and REDC, operate solar, hydropower, and wind power facilities in Bulacan, Zambales, Bataan, Cavite, Laguna, Quezon, and Camarines Sur. — Sheldeen Joy Talavera
