(MENAFN - Arab Times) Kuwait National Technology Enterprises Company NTEC inked Saturday a deal with Helio-centris Energy Solutions AG, a leading specialist in environmentally friendly energy storage solutions based in Berlin, to establish Heliocentris Energy Solutions-Kuwait.
In press statements, General Manager of NTEC Anas Meerza disclosed that NTEC will have 51 percent-stake in the new company and the residue will be acquired by Heliocetris Energy.
He pointed out that the deal comes in implementation of NTEC strategy of localizing modern technologies.
"NTEC aims foster the expansion in the use of renewable energies in Kuwait and the region as a whole through a series of new projects using Heliocentris technologies," he said.
Meerza unveiled that the company plans to enter into new partnerships with three multinational companies operative in Kuwait.
For his part, the Chief Executive Officer of Heliocentris Energy Solutions Kuwait branch Iyad Abulala hailed the partnership with NTEC as a new achievement for Heliocentris in the region.
"We are thrilled to have won the trust of NTEC," he said, expressing hope the new company will greatly benefit from Heliocentris technologies.
The NTEC, a fully owned subsidiary of Kuwait Investment Authority (KIA), owns 11 percent-stake in Heliocentris Energy Solutions AG.
NTEC's business model is that of a technology projects development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investment with a mission to lead both government and private sectors in the development and application of leading edge technology. NTEC invests in high potential companies that are fully developed or at the forefront of developing new technologies which will be beneficial in the development of not only the State of Kuwait but the region as a whole.
Heliocentris Energy Solutions AG is a specialist for clean energy storage solutions based on a smart combination of batteries, fuel cells and energy management. Areas of application are mobile and stationary applications that require longer ranges than current batteries can provide.
Heliocentris Energy Solutions AG has been very active in the Middle East for over three years and managed to foster customers in all major countries in the region, including Kuwait, the United Arab Emirates, Saudi Arabia, Bahrain and Qatar as examples.
Having gained the KIA and Life Energy as strategic partners, Heliocentris has now reached a significant milestone in implementing its growth strategy for the Middle East. With this step and the planned opening of its own office on site, the Berlin company will further increase its presence in the region whilst expanding its customer base and making it easier to realize larger project.