ELECTRIC VEHICLES-

SRTIP, Bee'ah and Peec to deploy green trucks in UAE: The Sharjah Research, Technology, and Innovation Park (SRTIP), Bee'ah Group, and Peec Mobility are partnering to advance the electrification of major vehicle fleets in Sharjah, according to a statement. The agreement will see Peec deploy its ReMethod tech to electrify cars, buses, and waste collection trucks as their traditional engines reach their life's end, starting with the ReTruck initiative for Bee'ah's fleet. Peec Mobility and Bee’ah will also collaborate to recycle and repurpose materials and spare parts including end-of-life batteries from electric vehicles.

Peec debuted its tech at COP28: Peec Mobility unveiled its first petrol-to-electric repurposed vehicle last week. The repurposing process costs 30% less and 80% less time to manufacture than newly built counterparts.

Ride-sharing app Careem has launched Dubai’s first electric motorbike delivery fleet,according to a statement. Working in collaboration with Dubai’s Roads and Transport Authority (RTA), the initiative will see e-bikes hitting the road later this month with plans to ramp up their numbers to 1k by the close of 2024. The move looks to curb emissions and cut delivery costs, the National reported.

UAE is EV-strong: This initiative comes on the heels of an announcement to launch an EV infrastructure firm tasked with manufacturing charging networks, managing daily operations of EV charging stations, and developing a pricing strategy for charging services in the UAE. The nation plans to have EVs make up 50% of its auto sector by 2050, UAE Energy and Infrastructure Minister Suhail Al Mazrouei said last month.

SOLAR-

ABC and YDE sign financing agreement: Bahrain-based Arab Banking Corporation (ABC) has signed a financing agreement with Yellow Door Energy (YDE) for YDE's solar projects, Al Watan reports. The credit facility will go toward YDE's 42 MW solar project which will be established at Majid Al Futtaim's malls in the UAE, Bahrain, and Oman.

YDE’s solar portfolio is expanding: YDE was also awarded contracts to establish two 5 MWp solar power plants at Agthia's factories last month. The company also inked an agreement with the National Bank of Fujairah in February to refinance YDE's solar energy projects in the UAE.

Cenomi Centers signs PPA agreement for solar panels: Arabian Centres Company (CenomiCenters) signed a power purchase agreement (PPA) with a consortium comprising FAS Energy and Marubeni Corporation to power Cenomi's centers in the kingdom with solar energy, according to a Tadawul filing. The 20-year agreement will have an initial capacity of 52 MWp and will generate 93 GWh annually with plans to possibly install EV charging infrastructure.

FAS Energy has projects in Egypt: FAS Energy was among the companies eyeing a stake in Egypt's renewables sector last year and has a 50 MW solar power plant at the Benban complex.

Maryzad Solar to launch logistics center in SCZone: Egyptian-Saudi solar energy company Maryzad will launch the first logistics center to service solar energy projects in Egypt , Sudan, KSA, Lebanon, and Libya, according to a statement. Located in Egypt’s Suez Canal Economic Zone (SCZone), the center will launch with investments totalling EGP 40 mn, Maryzad Chairman Amr Baybars said.

Egypt’s SCZone was busy recently: Head of the SCZone Walid Gamal El Din signed a cooperation agreement on the sidelines of COP28 last week with Egyptian independent power and water producer Engazaat and Chinese smart energy solutions Chint Global to establish an integrated industrial complex for green energy technology in the SCZone. Meanwhile, a consortium of three Egyptian companies are also considering investing USD 1.2 bn into the first phase of a plant set to produce 400k tons of ammonia annually from green hydrogen.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Qatari companies join district cooling association: Qatar’s district cooling companies Qatar Cool and Marafeq Qatar are the newest members of the Dubai-based District Cooling Operators Association. The association explores how the industry can protect natural resources, reduce its carbon footprint, and increase efficiency. (Statement)
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