Cornex And GCL Commit USD 700 Million To Build Energy Storage And Solar Manufacturing Facilities In Egypt

Cornex New Energy Co., Ltd., a subsidiary of China’s GCL Group, has announced major investments in Egypt’s renewable energy manufacturing sector. Together with Egypt-based Kemet Industries Group, the companies plan to invest a total of USD 700 million to set up large-scale energy storage battery and solar photovoltaic manufacturing facilities in the country. The move reflects growing interest from global clean energy players in Egypt’s renewable energy ambitions and its strategic location serving the Middle East and Africa.

Cornex New Energy has signed a formal strategic cooperation agreement with Kemet Industries Group to develop an energy storage battery manufacturing plant in Egypt. The company plans to invest around USD 200 million in this project. The proposed facility will have an annual production capacity of 5 GWh and will focus on advanced energy storage batteries. Using Cornex’s established battery manufacturing technology, the plant aims to supply reliable and high-efficiency energy storage solutions to the Egyptian market while also catering to demand from nearby regional markets.

In parallel, Suzhou GCL Photovoltaic Technology Co., Ltd., a subsidiary of the GCL Group, has entered into a separate cooperation agreement with Kemet Industries Group. GCL will invest approximately USD 500 million to build an integrated photovoltaic industrial base in Egypt. The project will include both solar cell and solar module manufacturing units. Spread across nearly 280,000 square meters, the facility is planned to reach an annual production capacity of up to 5 GW.

Once operational, the PV manufacturing base is expected to strengthen Egypt’s local solar supply chain and reduce dependence on imported photovoltaic products. It is also expected to lower the overall cost of solar power projects in the country. These investments support Egypt’s long-term goal of becoming a key manufacturing hub for solar and energy storage technologies across the Middle East and Africa, while contributing to job creation and clean energy development.