EnerTech Signs Strategic Investment and Partnership Agreement with Morgan Solar Inc. Transferring Solar Concentrated Photovoltaic Technology to Kuwait and the Middle East Region
KUWAIT, May 1, 2014 /PRNewswire/ - 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, is pleased to announce 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."
About EnerTech Holding Co. KSCC
EnerTech is a wholly owned subsidiary of NTEC, which is then a fully owned subsidiary of Kuwait Investment Authority (KIA), the sovereign wealth fund of Kuwait. EnerTech focuses on investing and developing opportunities and projects in renewable energy, waste management, recycling, energy efficiency, heat recovery, waste to energy and other clean tech sub-sectors. Its mandate is to transfer said technologies to Kuwait and the region and develop sizeable projects by applying these technologies. Holding company NTEC was established in 2004 with the same objectives and EnerTech was spun-out as subsidiary in 2011.
About Morgan Solar Inc.
Headquartered in Toronto, Canada, Morgan Solar Inc. is an advanced solar energy technology company founded with the goal of making solar energy significantly more efficient and less expensive. Morgan Solar has assembled a world-class R&D team and has a growing portfolio of cutting-edge Concentrated Photovoltaic (CPV) and solar tracking technologies, all combining highly innovative optics and advanced engineering designs with well-established manufacturing processes.
Morgan Solar's products include the high efficiency and low cost Sun Simba™ 4 Concentrated Photovoltaic (CPV) module and the revolutionary Savanna™ dual-axis tracker. The Sun Simba™ 4 is a next generation CPV module, offering one of the highest module efficiencies in the world at low market-leading prices. The Savanna™ tracker integrates with the Sun Simba™ 4 CPV module for a game changing CPV system installed with minimal EPC costs, delivering leading LCOEs and IRRs, without subsidies. Morgan Solar has reinvented the way solar is built and deployed with their Sun Simba™ 4 and Savanna™ tracker, engineered for simple, rapid installation and low O&M requirements. The Savanna™ tracker is also highly competitive when deployed with conventional photovoltaic (PV) panels, boosting power generation by 25 to 40% against comparable size fix rack PV installations.
To date, Morgan Solar has over 60 patents issued and pending internationally.
SOURCE Morgan Solar, Inc.