The Egyptian Company for Solid Waste Recycling (ECARU), a subsidiary of Qalaa Holdings’ Tawazon, proudly announced that it has signed an MOU with East Africa Mining (EAM) of Ethiopia to establish a joint venture company dedicated to biomass management and alternative solid fuels as a source of thermal energy for heavy energy consumers such as the cement industry.
The MOU, which was signed by Hisham Sherif, CEO of ENTAG/ECARU and Eng. Basso Assefa Sodere, Executive Chairman of EAM, was the result of prior negotiations that took place between Sherif and EAM owner, Mr. Buzuayeha Tadele in Addis Ababa, Ethiopia.
The new joint venture will supply alternative solid fuel as source of energy for power generation to replace fossil fuels (coal) for cement companies in Ethiopia and its neighboring countries. The new company will be established in Ethiopia under Ethiopian law.
“Ethiopia is one of the fastest growing economies in the world with forecasted double digit growth. In an effort to combat global warming Ethiopia is committed to building an environmentally sustainable economy. With this opportunity EAM, a major shareholder of National Cement, one of Ethiopia’s biggest and oldest cement factories, decided to invest and work towards environmentally friendly (renewable) energy solutions with ECARU,” said Assefa.
Biomass is a renewable, carbon neutral energy source that comes from agricultural residues that would otherwise be openly burned. This waste to energy solution for heavy industries such as cement manufacturing, is beneficial on multiple fronts. It helps nations solve their Biomass challenges, it reduces emissions that come from burning fossil fuels such as fuel oil, natural gas and coal, and it is a more cost-efficient and sustainable source of energy.
“ECARU has extensive experience and technical knowledge in harvesting, shredding, belling and transporting biomass products, while EAM has the local business knowledge, access, and licensed field sites in Ethiopia. The two companies will together create synergies that will help them achieve optimal results in the future,” added Assefa.
Tawazon, Qalaa Holdings’ subsidiary company for investment in the regional solid waste management industry, controls two companies: the Egyptian Company for Solid Waste Recycling (ECARU), a solid waste management service provider, and Engineering Tasks Group (ENTAG), a solid waste management technology provider. Together, these two companies form a leading waste management enterprise with extensive operations in Egypt and an international project book in Oman, Malaysia, Sudan, Nigeria, Libya, Saudi Arabia, Qatar and Syria.
Qalaa Holdings has invested in Tawazon as part of its energy portfolio which also includes TAQA Arabia, Egypt’s largest private sector energy distribution company and the Egyptian Refining Company (ERC), a US$ 3.7 billion refinery, Egypt’s largest in-progress, private sector mega project.
Qalaa Holdings(CCAP.CA on the Egyptian Stock Exchange) is an African leader in energy and infrastructure. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.
For more information, please contact:
Ms. Ghada Hammouda
CMO & Head of Marketing Communications
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002