Egypt’s Cabinet approved on Wednesday the granting of golden licences to two energy storage battery manufacturing projects in Aswan and Suez, with combined investments of $800 million.

The Cabinet approved a golden licence for Nefertiti Energy Storage Batteries for its project to design, build, manufacture, manage, operate, and maintain energy storage battery systems from various sources in Benban, Aswan.

The project will involve investments of $450 million and is expected to create around 1,650 jobs. It will also focus on environmental considerations, the sustainability of natural resources, and reducing carbon emissions.

A second golden licence was approved for Horus Energy Storage Batteries for a project to design, build, manufacture, manage, operate, and maintain energy storage battery systems in Zaafarana, Suez.

With planned investments of $350 million, the project is expected to generate approximately 1,400 jobs while supporting environmental sustainability and efforts to reduce carbon emissions.

The projects are part of Egypt’s strategic push to expand renewable energy capacity and strengthen the flexibility and stability of its electricity system, particularly as solar and wind capacity is expected to grow in the coming years.

Large-scale energy storage is considered essential to integrating new renewable energy capacity, maximising its utilisation, enhancing energy security, and improving the reliability of the national grid.