EnerTech Holding Company KSCC, (EnerTech), a newly established wholly owned subsidiary of National Technology Enterprises Company (NTEC) with a mandate to invest and develop technologies in the clean tech sector, and transfer these technologies to Kuwait and the region, announced that it has entered into a strategic investment and partnership agreement with Morgan Solar Inc. (MSI), a Canadian-based solar technology company.
MSI has developed a revolutionary, low cost and high efficiency solar concentrated photovoltaic (CPV) technology and a game changing two-axis tracker, with great potential for adoption in the Middle East.
Under the agreement, EnerTech will invest in MSI, and will transfer technology and know-how to Kuwait and the region by establishing local manufacturing and assembling facilities for MSI’s technologies.
This transaction will help boost the fast growing solar energy projects developing in the region, through the adoption of these advanced, high efficiency and low cost technologies.
Both parties will work together to develop the market in the Middle East, which is witnessing the emergence of more than 40 gigawatts of solar energy projects over the next few years.
Morgan Solar is a privately held solar technology company backed by well-known energy and financial organizations such as Iberdrola, Enbridge Inc., The Frost Group, Turnstone Capital and other venture capital & private equity firms. MSI is headquartered in Toronto, Canada and is starting to aggressively pursue the fast growing international opportunities developing in the global solar energy market.
Mr. Abdullah Al-Mutairi, Chief Operating Officer of EnerTech, and Mr. Anas Meerza, General Manager of NTEC said, "Morgan Solar has developed a breakthrough and disruptive technology in the solar energy sector, which will be a game changer in terms of high efficiency, low cost CPV module and lower levelized cost of energy. We strive to develop key projects in the region. Leveraging MSI’s technologies and experience EnerTech can further enhance its development portfolio in renewable energy and strengthen the Group’s competitiveness in the clean tech business."
John Paul Morgan, Chief Technology Officer, founder, inventor and lead developer of Morgan Solar’s advanced technologies said, "EnerTech is one of a few GCC based company with a clear mandate to develop large scale solar and other renewable energy projects, and to transfer world class technologies to the region. Through this strategic partnership, we will develop the CPV and tracked PV markets in the Middle East, expanding MSI’s presence worldwide."