Fintech platforms Geidea + Fils team up to offset carbon footprint on purchases

GREEN TECH-

Saudi SME fintech Geidea partnered with Dubai-based software developer Fils to allow its merchants to estimate emissions of certain transactions and invest in carbon credit projects,according to a statement. A variety of sales made through Geidea such as flights, rides, products, or shipping will have their carbon output verified by Fils’ technology.

Not the first carbon offsetting platform for Fils: Fils signed an agreement with Emirati banking group Mashreq last month to launch a carbon credit trading platform to help their banking clients slash greenhouse gas footprint. Slated for launch by 1H 2024, the offering is the first of many planned CO2 offsetting products the bank plans to roll out.

UK’s TTP brings green tech to Morocco: Moroccan-based innovation engine INNOVX, a subsidiary of University Mohammed VI Polytechnic (UM6P), has partnered with British tech company TTP to develop new sustainable technologies in Morocco, according to a press release (pdf). The companies will help OCP Group’s Green Ammonia program — which aims to produce 3 mn tons of green ammonia production per year by 2032 — produce sustainable plant nutrition solutions.

ELECTRIC VEHICLES-

Sasco, Eviq to develop EV charging station infrastructure: Saudi Automotive Services (Sasco) and the Electric Vehicle Infrastructure Company (Eviq) will set up fast-charging EV stations and public charging points across the Kingdom after the two companies signed an MoU, Sasco said in a statement yesterday. Eviq is 75% owned by the Public Investment Fund, while the Saudi Electricity Company holds the remaining 25%.

Nissan Egypt will introduce its EV that runs on e-POWER technology to the Egyptian market this month, the company's managing director Mohamed Abdel Samad told Al Borsa. The company also plans to launch new models and increase its exports to African markets by 20% this year, according to Abdel Samad.

We knew this was coming: Nissan Africa’s Managing Director Sherif Al Desouki told Al Borsa in December that it is planning to debut its e-POWER technology in the Egyptian automarket in 2024, without specifying the month. Al Desouki also stated at the time that Nissan Egypt’s production factory plans to ramp up domestic production to expand exports to neighboring African countries while supporting Egypt’s plans to localize EV manufacturing.

REFRESHER- About the tech: The e-POWER electric-drive powertrain integrates a gasoline engine, and a lithium-ion battery pack, and is driven by a high-output electric motor. The e-POWER system combines the EV technology of the Nissan Leaf and adds a petrol engine to charge its lithium-ion battery pack, removing the need for traditional AC/DC charging for all-electric models.

WIND-

Oman appoints consultants for wind power projects: KPMG Lower Gulf, Dentons, and Worley will serve as financial, legal, and technical advisers on Nama Power & Water Procurement Company (PWP)’s three upcoming wind power projects, MEED reports. Nama PWP is also planning a utility-scale solar plant and a waste-to-energy facility, but it is unclear whether the firms will serve as consultants on those projects. Nama aims to invite utility developers to bid on the wind IPP schemes by the end of the year. A 100 MW wind IPP is slated to hit Oman's main grid by 2025, with subsequent projects planned for the Duqm Power System and Dhofar Power System.

GREEN BONDS-

Emirates NBD gets DFSA’s first ESG fee waiver: The Dubai Financial Services Authority has waived all regulatory fees for Emirates NBD for its planned listing of ESG bonds in the Dubai International Financial Centre (DIFC), according to a statement. The waiver is applicable to all types of green notes issued on the Dubai International Financial Centre (DIFC) — including sukuks, ESG bonds, or climate adaptation and climate transition notes — and will remain valid throughout 2024.