Kemet and Cornex New Energy have signed a USD 200 million agreement with Cornex New Energy to localise the manufacturing of energy storage batteries in the country. Under the agreement, Kemet will establish an integrated energy storage battery manufacturing facility in Egypt, including a plant for producing battery cells, with an annual production capacity of about 5,000 MWh. The project aims to utilise domestic raw materials and comply with local manufacturing requirements, while reducing reliance on imported battery products.
The deal also provides for the transfer and localisation of Cornex New Energy’s battery manufacturing technology.