Egypt’s IMC signs MoU for battery storage facility with 2 UAE-based firms

Updated 11/21/2024 3:48:00 AM

Arab Finance: Egypt's Industrial Modernization Center (IMC) and the two UAE-headquartered companies Global South Utilities and Enercap Holdings inked a memorandum of understanding (MoU) to establish a battery storage factory, as per a statement.

The planned battery storage factory will cater to both local and regional markets, providing effective energy storage solutions to support clean energy infrastructure development.

This project is expected to contribute significantly to Egypt’s economic and environmental goals while reinforcing sustainable development.

Prime Minister Mostafa Madbouly emphasized the importance of advancing Egypt’s industrial sector in line with President Abdel Fattah El-Sisi's directives.

He highlighted the MoU’s alignment with Egypt's Sustainable Energy Strategy 2035, which aims to improve energy efficiency, expand renewable energy adoption, and enhance energy security.

The IMC will play a central role in providing data and information to facilitate the factory’s establishment, including details on investment incentives, tax benefits, and local supply chains.

It will also assist in coordinating efforts with local partners, suppliers, and government entities to support the initiative.

Global South Utilities will offer its expertise to aid Enercap in completing a feasibility study for the facility while ensuring alignment with governmental requirements.

Enercap will lead the feasibility study and explore the necessary steps to establish the battery manufacturing plant.