Arab Finance: Valeo, the leading financial services technology company in the Middle East and North Africa, today announced the signing of a new cooperation agreement with Karm Solar Energy, a multi-utility company specializing in renewable energy generation and distribution services, to launch a network of electric vehicle charging stations in District 5, through the company. The “Karm” subsidiary was recently launched by Karm Solar Energy, according to the statement sent on August 5.
This partnership aims to enhance environmental sustainability practices by providing a network of stations for charging electric cars in District 5, including the residential complex. The Karm platform, affiliated with Karm Solar Energy, specializes in operating the infrastructure for charging electric cars, and is pumping its investments to enhance the transformation of the transportation sector into Green and electric cars.
Commenting on this partnership, Walid Hassouna, CEO of Valeo, stated that the company is committed to supporting the development of sustainable communities by providing customers with safe and easy-to-use financial solutions.
Hassouna pointed out that the extended partnership with Karm Solar Energy will result in the expansion of electric car charging stations in a sustainable manner in one of the most prominent residential, recreational and promising commercial projects in the East Cairo region.
Hassouna stressed the importance of this partnership in facilitating the provision of solar energy technology to the residents of the District 5 residential complex, to promote the adoption of environmentally friendly practices and reduce carbon emissions.
For his part, Ahmed Zahran, CEO of Karam Solar Energy, expressed his happiness with this cooperation, stressing the company’s commitment to leading the advancement of emerging technology to build a smarter and more sustainable future.
Zahran added that cooperation with Valeo will contribute to enhancing our ability to expand the scope of its business in a new and developed community such as District 5, which is in line with its primary mission of maximizing the positive impact on communities throughout Egypt and the North African region.
It is worth noting that this partnership comes within the framework of the commitment of both parties to make a positive change and create sustainable value that takes into account social and environmental standards in the surrounding communities, by maximizing the benefit of Valeo’s extensive experience in the field of financial services technology, and Karam’s innovative solar energy solutions in the field of renewable energy, which will yield results. About accelerating the pace of transition to a more sustainable future.
Egypt has recently witnessed a steady increase in demand for electric car licenses, with the number of electric cars that have obtained licenses recording approximately 13,192 cars so far.
District 5 is the latest project of Marakez Company, a leading real estate development company in Egypt whose portfolio includes a full range of residential, commercial and entertainment projects, including Mall of Arabia and Aeon Towers. District 5 is located in the heart of New Cairo, and it is one of the distinctive geographical locations linking the New Administrative Capital with the most important vital areas in Cairo.
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