Absolicon announced the sale of a production line to partner Creative Power Solutions (CPS) in Egypt worth 3.7 million euros. The production line enables local production of Absolicon’s patented solar collectors, which creates added value such as shorter transports, lower prices and locally adapted solutions.
This creates competitive conditions for Absolicon’s solar technology as Creative Power Solutions already has a project that includes 14,000 m[2] solar collectors ready that will be produced in the newly established line in Egypt.
In January 2022, Creative Power Solutions signed a framework agreement with Absolicon to be the exclusive partner in Egypt and for the establishment of a production line for the Absolicon T160 solar collector in Egypt. At the end of the year, CPS received financing equivalent to EUR 2.7 million from KfW Development Bank through The Facility Investing for Employment (IFE). Now, in December 2022, CPS proceeded with the purchase of a production line from Absolicon. The value of the sale is EUR 3.7 million for Absolicon and the company plans to be able to deliver the production line to Egypt in 2023. In turn, CPS plans to start production in 2024 and already has a project equivalent to 14,000 m2 planned.