ElSewedy Electric, a leading corporate in offering integrated energy solutions in the Middle East and North Africa, signed a memorandum of understanding (MoU) on Wednesday in Shanghai with Huawei, a leading Chinese company, to carry out joint promotion of the products and services they offer to photovoltaic solar energy projects in the MENA region.
Both companies plan to offer solutions to achieve optimal usage of resources and utilize innovative basis such as automatic operation and maintenance with the aim of constructing photovolataic solar energy plants, according to a report sent to the Egyptian Stock Exchange (EGX).
This cooperation between Huawei and ElSewedy Electric will focus more on projects that rely on the engineering, procurement, and construction (EPC) contracting system.
“ElSewedy Electric and Huawei will continue to offer advanced and useful products as well as integrated solutions for the MENA market and will seek to continue their contributions in the field of photovoltaic solar energy,” according to the report.
According to the latest report by Information Handling Services Markit (IHS Markit), a London-based company that provides information to help the decision making in businesses, Huawei’s energy modifiers for photovolatic solar energy have occupied the first place globally in 2015 and 2016. The smart solutions of Huawei have been well-received by customers for their high productivity. This resulted in the Fusionsolar application by Huawei for solar energy to witnessing great growth across the world.
ElSewedy’s financial lists have showed an increase in the company’s profits during the second quarter of 2017 by 68% on an annual basis as a result of an increase in revenues.
ElSewedy Electric is the largest company registered in the EGX for the manufacturing of electric cables.