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PM inspects first Egyptian firm manufacturing lithium ion battery, electrofitting cars
Prime Minister Moustafa Madbouli inspected on Saturday Shift EV which is the first Egyptian company lithium ion battery packs and the first at the international level to work on electrofitting cars.
Egypt’s nascent company Shift EV seeks electrofitting fleets of international logistic firms to cut emissions and operation costs by 80 percent, the company CEO Ali Tayyeb said while accompanying the premier in his inspection tour.
The company offers this service at low investment cost, he said.
The premier was keen to try one of the electrofitted cars and stand on the requirements of the company which was set up two years ago.
Madbouli lauded the project which goes in line with Egypt’s drive to cut carbon emissions and use clean energy, stressing the government’s support for projects established ambitious youths.
Shift EV is also working on developing passenger electric cars and aims to export its products and electric-shift technology to emerging markets having the same needs of the Egyptian market, Tayyeb said.
Tayyeb said the company managed to lure dlrs 9 million investments from international investment funds that have not invested in Egypt before in order to build its production capacity to more than 2,000 vehicles annually.
He added that the company is expected to get additional investments at dlrs 20 million for its production capacity to reach 10,000 vehicles annually.
Shift EV vehicles’ designs were endorsed as abiding by international standards, he said, noting that the company produces the components it uses for electrofitting cars.
He said the company is the first and sole company accredited in Egypt for electrofitting cars.
He noted that electrofitting cars and manufacturing batteries are important steps for localizing electric cars technology.
This also opens the door for the spread of electric vehicles in Egypt and underlines Egypt’s commitment to its pioneering role in cutting emissions and promoting climate action, he concluded.
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