Arab FinanceDr. Mostafa Madbouly, Prime Minister, witnessed the signing ceremony of a memorandum of understanding regarding Establishing a factory for energy storage batteriesThis is between the Egyptian Ministry of Industry, represented by the Industrial Modernization Center, and the two companies: the Emirati “Global South Utilities” and the Chinese “Weiheng”, according to statement cabinet.
Dr. Mostafa Madbouly, Prime Minister, confirmed that the memorandum of understanding contributes to enhancing the implementation of Egypt’s Sustainable Energy Strategy 2035. To meet the growing demand for energy, improve efficiency, shift towards renewable energy, and enhance energy security, in addition to contributing to the development of clean energy infrastructure, it also seeks to provide effective energy storage solutions that meet the needs of both markets. Local and regional, which contributes to promoting sustainable development and achieving environmental and economic goals.
Pointing out the government’s keenness to enhance efforts to efficiently use new and renewable energy sources to meet the country’s needs, and within the framework of the Ministry of Industry’s plan to encourage green industries to represent 5%? GDP by 2030 and deepening local manufacturing of new and renewable energy production requirements, especially solar and wind energy.
He pointed out that, according to the memorandum of understanding, the UAE company, Global South Utilities, is committed to providing various means of support necessary for the Chinese “Weiheng” company to complete the feasibility study, as well as coordination between the Industrial Modernization Center and the Chinese company regarding all government incentives required to establish the aforementioned industrial facility. He explained that according to the memorandum of understanding The Chinese company Weiheng is committed to completing a study on establishing an energy storage battery factory with a production capacity of up to 1 gigawatt, with a total investment of $12 million.
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