Recently, Cornex New Energy Co., Ltd. and a subsidiary of the GCL Group have each reached strategic cooperation agreements with Egypt’s local company Kemet Industries Group. With a combined investment of USD 700 million, the partners plan to build large-scale energy storage battery and photovoltaic (PV) module manufacturing bases in Egypt.
Cornex : Developing a 5 GWh Energy Storage Battery Plant
Cornex has signed a formal agreement with Kemet Industries Group. According to the plan, Cornex will invest approximately USD 200 million to establish a modern energy storage battery manufacturing plant in Egypt.
The facility is designed with an annual production capacity of 5 GWh. Leveraging Cornex’s advanced battery manufacturing technologies, the plant will provide high-efficiency energy storage solutions for the Egyptian market as well as neighboring regions.
GCL: USD 500 Million Investment to Build a 5 GW PV Industrial Base
At the same time, Suzhou GCL Photovoltaic Technology Co., Ltd., a subsidiary of the GCL Group, has signed a USD 500 million cooperation agreement with Kemet Industries Group. The two parties will jointly develop an integrated industrial base covering both PV cell and module manufacturing.
The project will cover an area of approximately 280,000 square meters and is planned to have an annual production capacity of up to 5 GW. Once completed, the base is expected to significantly enhance Egypt’s local supply of photovoltaic products, reduce the cost of PV power plant construction, and support Egypt’s ambition to become a photovoltaic manufacturing hub serving the Middle East and Africa.
Source：EnergyTrend