National Technology Enterprises Co., or NTEC, a unit of Kuwait Investment Authority, said it has signed an agreement with Germany's Heliocentris to set up a joint venture that is specialized in managing alternative energy. Kuwait will own 51 percent of the stake, while the remaining 49 percent will be owned by the German party.
The General Director of NTEC Anas Mirza said in a statement on Saturday that the foundation of the company comes within the framework of the new strategy that is aimed at providing modern technology in Kuwait and the Arabian Gulf region.
Kuwait Investment Authority owns 11 percent stake in Heliocentris, Mirza said, adding that the company aims to expand its activities in Kuwait during the coming period through the establishment of Heliocentris- Kuwait. He said that the company will implement local and regional projects based on technologies included in the plans of Heliocentris Germany.
Mirza said that the company intends to sign three partnership agreements with various international companies that seek to operate in the Kuwaiti market, noting that Heliocentris is the first partnership of its kind signed in conjunction with the company's hosting services and commercial representation provided by the National Company. He explained that the services are among the main activities developed by NTEC since the start of its new strategy, where it signed six varied agreements including the host and the representation of commercial corporations.
Mirza added that the first project the company intends to implement in Kuwait is building an experimental educational station for Heliocentris' technologies in Kuwait Institute for Scientific Research (KISR) in order to train the staff on intelligent energy management, fuel cells, and solar energy. The project will help achieve the highest possible efficiency of diesel generators in order to reduce consumption of fuel by up to 70 percent.
Mirza noted that the German company has already established a laboratory for renewable Energy in the Public Authority for Applied Education and Training in Kuwait and it is working to build another laboratory at Kuwait University.
For his part, Heliocentris Executive Director Iyad Aboulila said that the partnership with the NTEC reflects its confidence on the work and technology of Heliocentris".