ENERTECH focuses its international expansion strategy on Spain, in alliance with FOCE.
The CEO of the Kuwait Sovereign Wealth Fund holding company has just completed a visit to Madrid during which he held high-level institutional and business meetings.
Al Mutairi met with Minister Reyes Maroto, head of the Ministry of Industry, Trade and Tourism, and the Secretary General for Economic Affairs of the Presidency of the Government, Manuel de la Rocha-Vázquez, as well as public and private financial institutions, accompanied by FOCE´s CEO, Jesús Jiménez, and Víctor Alberola Ruipérez, its General Manager.
Enertech Holding Company will incorporate Spanish technology for the design and construction of a Used Tire Recycling Plant in Kuwait, a project assigned to FOCE, in order to solve an environmental issue in the region.
The project involves an investment of close to 80 million euros and has the iconic character of becoming the largest tire recycling plant currently under development worldwide by continuous pyrolysis of rubber.
With this project, the first of its dimension between Kuwait and Spain (G2G), and very significant for the stimulation of the bilateral relationship between both countries, Enertech places its trust in a technology developed in the CSIC and will count on the leadership of FOCE and the participation of other four Spanish subcontracted companies.
The equipment manufactured in Spain represents more than 75% of the value of the project, and the rest will be provided by Spanish exporting companies.
In February 2021 ENERTECH and FOCE signed an agreement for the development of a program in Latin America in which projects with an estimated value of US$ 4.5 billion were identified, and they are currently going to extend their scope to Africa with a pipeline of US$ 1.7 billion.
Enertech Holding Company has decided to establish itself in Spain through the creation of two companies: ENERTECH EUROPEAN HOLDING, to develop in different countries the long-term exploitation of water and energy infrastructures; and A1WEG EUROPE, which originates from its engineering and technology subsidiary A1WEG located in Abu Dhabi, which will have FOCE as a minority shareholder, and whose task will be the technical development and execution of the projects.
The impact of Enertech´s presence in Spain will have a significant knock-on effect for more than 60 companies, generating around 4,800 jobs with the possible implementation of 17 international projects, currently under prospecting, in 12 countries during 2022 and 2023.