Arab Finance: Egypt's Industrial Modernization Center (IMC) has signed a memorandum of understanding (MoU) with UAE's Global South Utilities and China's WEIHENG to establish an energy storage battery factory in Egypt, as per a statement.

Under the agreement, Global South Utilities will assist WEIHENG in conducting feasibility studies while coordinating with the IMC on government incentives.

WEIHENG has committed to completing the feasibility study for a battery factory with a production capacity of up to 1 gigawatt and an estimated investment of $12 million.

The MoU aims to support Egypt’s Sustainable Energy Strategy 2035, focusing on meeting growing energy demands, improving efficiency, transitioning to renewable energy, and enhancing energy security.

The factory will provide energy storage solutions for local and regional markets, contributing to sustainable development and environmental and economic goals.

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