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MANUFACTURING-
Egypt’s state-owned manufacturer El Maco will invest some EGP 200 mn to manufacture smart meters and electrical transformers using solar energy, Al Borsa reported on Saturday, citing company head Bassim Youssef. The firm will begin implementing the project in 2H 2024, Youssef said, adding that the company has plans to expand its exports to some African countries.
ELECTRIC VEHICLES-
Gotion High Tech moves forward on EV battery gigafactory: Chinese battery maker Gotion High Tech is in discussions with Morocco on securing a location for its USD 6.4 bn gigafactory for the production of EV batteries and energy storage systems, Reuters reported on Thursday, citing Morocco’s Industry and Trade Minister Ryad Mezzour. Discussions with five other manufacturers are ongoing for similar projects, Mezzour added, without giving further details. The country is also working on producing other EV-related infrastructure including electric motors, he added.
Morocco’s EV business is booming: The government of Morocco and Chinese EV battery components maker BTR New Material inked a USD 297 mn investment agreement for the construction of a cathode factory for electric vehicle batteries last week. Chinese battery minerals producer Zhejiang Huayou Cobalt was exploring a USD 20 bn electric vehicle battery plant in Morocco in August and Chinese battery giant CNGR teamed up with Morocco-based pan-African investment fund Al Mada in September to build a USD 2 bn industrial base for battery parts production and recycling.
EMISSIONS-
An American University of Sharjah (AUS) research team has developed a blockchain system to enhance carbon credit trading (CCT), according to a statement released last week. The system was developed to enhance the efficiency and transparency of CCT by automating key processes like participant registration, credit generation, tracking, and trading, and measuring carbon emissions. The system also aims to reduce operational costs and mitigate risks associated with current platforms.
Next steps: The team is working on a case study for the system on real-time carbon emission measurement and monitoring. The team is seeking external funding and market partnerships to scale the technology. The team has filed a provisional patent for the blockchain system with the United States Patent and Trademark Office.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- UAE + UN partner on Climate Security Mechanism: The UAE will make two annual donations of USD 600k to the UN Climate Security Mechanism, the first ever country from the global south to do so. As part of the collaboration, the UAE will finance a Climate Security Advisor role within the UN Assistance Mission in Afghanistan. (Wam)
