DOE Awards APC Group with Geothermal Service Contract

APC Group Inc., operating through its subsidiary Aragorn Power and Energy Corporation (APEC), received an official Geothermal Service Contract from the Department of Energy (DOE) on July 13, 2023.

The contract, known as Southwest Kalinga Geothermal Power Project, is allocated in the municipalities of Pasil, Lubuagan, and Tingalyan within Kalinga province. This agreement grants a 7-year exploration period.

According to APC President, Ian Jason R. Aguirre, the company remains steadfast in its commitment to supporting the nation’s renewable energy goals and enhancing the well-being of the local community.

Aragorn Power and Energy Corporation (APEC), of which APC Group Inc. owns a majority stake of 97.6%, focuses on the exploration, development, and utilization of renewable energy resources.

In 2008, APEC was awarded a Geothermal Service Contract (GSC) by the DOE for the Kalinga Geothermal Project, aimed at exploring and exploiting geothermal resources in Kalinga province.

The Southwest Kalinga Geothermal Power Project represents APEC’s second GSC in collaboration with the DOE.

PSE:APC trades at P0.26 per share as of this time of writing, up by 14.54%.

APC is also up by 26.21% year-to-date.

Support is at P0.244 while resistance is at P0.265.

Today’s volume is higher than 100% of the stock’s 10-day volume average.

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