AEC signs MoU with KACO new energy of Germany for Solar Energy Development
- Saudi Arabia: Saturday, March 09 - 2013 at 15:38
- PRESS RELEASE
Advanced Electronics Company (AEC) of Saudi Arabia and KACO new energy of Germany have signed a Memorandum of Understanding (MoU) to develop new business opportunities in the field of Solar Energy, with the focus on Photovoltaic (PV) Inverters. The purpose is to serve the growing demand for energy in Saudi Arabia and the MENA region.
Dr. Ghassan Al-Shibl, President & CEO of AEC, commented: "This collaboration reflects the respected capabilities of AEC as a world-class electronics manufacturer. I am sure that AEC and KACO will make a very successful team. Our joint initiative also aligns completely with the King Abdullah City for Atomic and Renewable Energy (K.A.CARE) strategy. Of course, all of our activities underscore our support for local employment, and this is an outstanding opportunity to create new jobs. We believe that our commitment to Saudization sets an example that the whole Kingdom can be proud of. We also look forward to seeing our Nation become the acknowledged leader in solar energy."
Mr. Ralf Hofmann, CEO of KACO New Energy, stated: "KACO new energy provides a century of experience, and has ensured its specialized technological leadership through adherence to the highest global technical standards. At the same time, the capabilities of AEC, and their expertise in knowledge and technology transfer, are renowned. We know that AEC is completely ready to handle new opportunities, and is able to move to full production very swiftly. Together, we will support Research and Development (R&D) in the Kingdom, as well as repairs and maintenance for customers. The local manufacture of PV inverters will enable prompt local service and support. This will provide the benefits of a reduced level of items that require to be held in stock, as well as shorter lead times for supply."
The proposed K.A.CARE renewable procurement program will be among the largest sustained efforts of this kind in the world. It is intended to result in over 54 (GW) of energy by 2032.
AEC, established in 1988, is an Offset Program company and has become a recognized regional pioneer in the innovation and development of advanced electronics, serving the Military, Telecom and Industrial Sectors. As one of the Kingdom of Saudi Arabia's premier state-of-the-art technology companies, AEC's leadership includes expertise in the fields of modern electronics manufacturing, system integration, as well as repair and maintenance services. AEC has become a gateway to highly specialized services and opportunities, offering local access to world-class engineering, manufacturing, repair, maintenance and complete solution capabilities at its facilities. The company also provides the benefit of easy and rapid access to other regional markets, customers and distribution networks.
KACO was founded in 1914 and began manufacturing Inverters over sixty years ago. The company became KACO new energy in 1998, and is now the world's second largest manufacturer of PV Inverters. The product portfolio offered by KACO new energy today is used internationally for Photovoltaic and Rail Vehicle applications. The family-owned and operated company has factories in Germany, the U.S.A., Canada and South Korea. One of KACO new energy's latest projects, in December 2012, was to start supplying 400 MW of Solar Power to 70,000 households in Texas, U.S.A. Now, with six GW of Inverters in operation worldwide, KACO new energy is a trusted and reliable partner for photovoltaic systems around the globe.
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