$200m Egypt-China deal targets domestic energy storage battery industry

Kemet to localise battery production using domestic raw materials.

Egypt’s Kemet has entered a $200m deal with China’s Cornex New Energy to localise the manufacturing of energy storage batteries, according to a press release.

The agreement follows a visit to China by Minister of Electricity and Renewable Energy Mahmoud Esmat, who discussed plans to support the industry, transfer and localise technology, expand the production of electrical equipment and supplies, and replace imported goods with domestically produced products.

Under the deal, Kemet aims to localise the energy storage battery cell industry and establish an integrated battery manufacturing plant utilising local raw materials and meeting domestic manufacturing requirements.

The agreement also includes setting up a factory to produce electrical energy storage battery cells, alongside the transfer and localisation of the company’s manufacturing technology, with a planned production capacity of 5,000 megawatt-hours annually.