{"id":77618,"date":"2023-05-24T01:00:37","date_gmt":"2023-05-24T01:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/24\/swedens-skf-invests-usd-4-7-mn-in-moroccan-magnetic-bearing-plant\/"},"modified":"2023-05-24T01:00:37","modified_gmt":"2023-05-24T01:00:37","slug":"swedens-skf-invests-usd-4-7-mn-in-moroccan-magnetic-bearing-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/24\/swedens-skf-invests-usd-4-7-mn-in-moroccan-magnetic-bearing-plant\/","title":{"rendered":"Sweden\u2019s SKF invests USD 4.7 mn in Moroccan magnetic bearing plant"},"content":{"rendered":"

<\/a> Sweden\u2019s bearing and seal manufacturing company SKF will invest SEK 50 mn <\/strong>(USD 4.7 mn) in a new magnetic bearing plant in Morocco<\/strong>, according to a statement<\/a>. \u201cAs this technology is now playing a central role in green industries, we need to make sure we can maintain our leading position in terms of technical development and customer service. Our new site in Morocco is an important step in this direction,\u201d SKF\u2019s President for Independent and Emerging Business Thomas Fr\u00f6st said.<\/p>\n

Why this matters for green industries: <\/strong>Magnetic bearings have multiple uses within turbomachinery and other high-speed applications, including hydrogen gas liquefaction and oil-free industrial compressors, the statement said. Active magnetic bearings provide the same advantages to hydrogen gas liquefaction for transport and storage as they do with hydrocarbons, according to the company\u2019s website<\/a>. It can also be used in carbon capture, utilization and storage (CCUS) to help keep CO2 emissions out of the air by collecting CO2 at the source and storing it in locations like empty oil and gas wells.<\/p>\n

\n

AFC, Morocco partner over financing solutions for key sectors:<\/strong> Africa\u2019s infrastructure solutions provider Africa Finance Corporation has signed an MoU with Morocco\u2019s Economy and Finance Ministry to provide project development and financing solutions for projects in renewable energy and natural resources, according to a statement<\/a>. Pipeline projects under discussion include cooperation under the country\u2019s renewables strategy and the refurbishment of railway infrastructure to enhance mobility between rural towns and Rabat, the statement said.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n