Technologically Advanced Solar Power Plant to Provide Low-Cost, Sustainable Energy to Multi-Billion Dollar Food Processing Facility
$150 million Evtec Energy Funded 110 Megawatt Solar Power Plant to Achieve Net Zero Carbon Emissions and Considerable Energy Cost Savings
MONTVALE, N.J., Feb. 22, 2023 (GLOBE NEWSWIRE) -- MICT, Inc. (NASDAQ: MICT) (“MICT” or the “Company”) announced today that its wholly owned subsidiary, Tingo Foods Plc (“Tingo Foods”), has entered into a partnership with Evtec Energy Plc (“Evtec Energy”), who have committed to build a $150 million net zero carbon emission solar plant to provide a sustainable and low-cost energy source to power Tingo Foods’ multi-billion dollar food processing facility announced on February 9, 2023.
The state-of-the-art $1.6 billion Tingo Foods processing facility in the Delta State of Nigeria is scheduled to be completed by the end of the first half of 2024. The new facility, believed to be the largest in Africa, is expected to multiply the food processing capacity and revenues of Tingo Foods, allowing it to expand its current product range of rice, pasta, noodles, and other staple foods into new product areas such as tea, coffee, cereals, chocolate, biscuits, cooking oils, non-dairy milks, carbonated drinks, and mineral water. Through this first-of-its-kind facility in Nigeria, Tingo Foods aims to reduce Africa’s reliance on the import of finished food and beverage products and to increase exports of made-in-Africa produce, which in turn is expected to reduce the prices of finished products and significantly reduce shipping miles and carbon emissions.
By constructing its own on-site 110 megawatt solar power plant using the advanced energy-tech of Evtec Energy and utilizing the technology of TAE Power Solutions Limited (“TAE Power”), Tingo Foods expects its food processing facility to achieve net zero carbon emissions while also benefiting from considerable energy cost savings.
The $150 million cost of the solar power plant is to be funded by Evtec Energy and their financial partners: Credit Suisse, JPMorgan, and Roth (subject to the agreement of financial terms and conditions). Under the terms of the partnership, Tingo Foods will enter into a Power Purchase Agreement (PPA). Additionally, through their partnership and collaboration, Tingo Foods, Evtec Energy and their technology partner TAE Power will explore similar projects throughout Nigeria and Sub-Saharan Africa.
Dozy Mmobuosi, founder of Tingo Mobile Limited and Tingo Foods PLC, commented: “Our partnership with Evtec Energy is a significant step toward establishing a sustainable and innovative future for Nigeria's and Africa’s agro-industrial sectors. Our commitment to create jobs and boost economic growth is unwavering and through our collaboration with leading technology experts we can realize our vision of a green and prosperous future for Africa. This is just the beginning of our journey into the sustainable energy sector, and we look forward to exploring new possibilities for collaboration and innovation in the future.”
Darren Mercer, Chief Executive Officer of MICT, commented: “The addition of a sustainable energy zero carbon emissions power plant to our state-of-the-art food processing plant is yet another major milestone toward our commitment to the United Nations’ Sustainable Development Goals and toward fulfilling our ESG objectives.
“In addition to the considerable environmental benefits gained from using on-site renewable energy to power what is expected to be the largest food processing facility in Africa, we will achieve a considerable saving against energy costs, thereby enhancing margins and the overall profitability of this hugely exciting and potentially vast business within our group.”
David Roberts, Chairman of the Evtec Group, commented: “We are delighted to partner with Tingo Foods to deliver this important and transformational project. The scheme is perfectly aligned with our ethos and commitment toward sustainability and, ultimately, delivering net zero carbon emissions. I am equally delighted that we have been able to call upon the leading clean energy expertise of TAE Power Solutions to help us deliver the optimal technology for the new plant.
“At Evtec we are committed to building successful communities. At our core, we want to make a difference to society by helping people lead fulfilling lives and, therefore, to have a positive impact on the communities in which we are based globally. We are hugely enthused that Tingo Foods and MICT share our values and we look forward to working with them and building a mutually beneficial and long-term relationship.”
About the Evtec Group/Evtec Energy Plc
With a forward order book of in excess of $650m. and an increase in revenue year on year of 30% p.a. Evtec is rapidly expanding into the sustainable energy sector including but not limited to; mobility, energy generation and storage and EV charging.
ESG/CSR has been at the heart of the Evtec Group since they first acquired Remploy in 2013 from the UK Government; they are now proud to be amongst the highest employers of disabled people in the UK.
Evtec Energy operates as a project manager on large scale energy and carbon reduction projects, working with such partners as: TAE, Tevva Motors, Firefly, EVe and Omni Telemetry, amongst others.
About TAE Power Solutions
TAE Power Solutions is a proprietary technology platform that is accelerating the transition to an electrified world with a first-of-its-kind energy storage and power delivery system. This technology unlocks a complete clean energy ecosystem, including more affordable and efficient storage; ultrafast charging capabilities; electric vehicle powertrains; peak shaving; buffering; and second life of batteries.
TAE Power Solutions is now adapting the same technology invented to power TAE's fusion energy program for business-to-business solutions for your car, home, or business.
About TAE Technologies
TAE Technologies was founded in 1998 to develop commercial fusion power with the cleanest environmental profile. The company's pioneering work represents the fastest, most practical, and economically competitive solution to bring abundant clean energy to the grid. With over 1,800 patents filed globally and over 1,100 granted, $1.2 billion in private capital raised, five generations of National Laboratory-scale devices built and two more in development, and an experienced team of over 500 employees, TAE is now on the cusp of delivering this transformational energy source capable of sustaining the planet for thousands of years.
The company's revolutionary technologies have produced a robust portfolio of commercial innovations in large adjacent markets such as power management, energy storage, electric mobility, fast charging, life sciences, and more. TAE is based in California and maintains international offices in the UK and Switzerland. Multidisciplinary and mission-driven by nature, TAE is leveraging proprietary science and engineering to create a bright future.
MICT Inc., (NASDAQ: MICT) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. MICT’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. MICT’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, MICT also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit www.mict-inc.com.
The information in this news release includes certain information and statements about management and the Board's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the ability of the Company to implement certain corporate actions, such as security repurchases and the implementation of a special dividend. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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