MICT's Wholly Owned Subsidiary Tingo Foods Plc Partners with Evtec Energy Plc to Construct Zero-Emission Solar Energy Project to Fuel Food Processing Facilities

Tingo Foods Plc, a wholly owned subsidiary of MICT, has signed a partnership agreement with Evtec Energy Plc to construct a zero-emission solar power plant to supply electricity to MICT's food processing facility.

FREMONT, CA: “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," says Darren Mercer, Chief Executive Officer of MICT. MICT confirmed that its wholly-owned subsidiary, Tingo Foods Plc, has partnered with Evtec Energy Plc, who have committed to building 150 million net zero carbon emission solar plants to power Tingo Foods' multibillion dollar food processing facility declared on February 9, 2023.

“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,” adds Mercer.

In the first half of 2024, Tingo Foods is expected to complete its $1.6 billion state-of-the-art processing facility in the Delta State of Nigeria. The new facility, believed to be the largest in Africa, is anticipated to increase Tingo Foods' food processing capacity and revenues, allowing the company to expand its current product line with tea, coffee, cereals, chocolate, biscuits, cooking oil, non-dairy milk, carbonated beverages, and mineral water in addition to rice, pasta, noodles, and other staple foods. Tingo Foods hopes that by opening this first-of-its-kind facility in Nigeria, Africa will become less dependent on imported food and beverage products and export more of African-made products, thereby reducing the prices of finished products and significantly reducing shipping miles and carbon emissions.

Tingo Foods plans to reduce its carbon footprint and save money on energy costs by establishing a 110 MW solar power plant on-site using cutting-edge energy technologies from Evtec Energy and TAE Power Solutions Limited (TAE Power).

Evtec Energy and their banking partners Credit Suisse, JPMorgan, and Roth will cover the $150 million cost of the solar power project (subject to the agreement of financial terms and conditions). Tingo Foods will sign into a Power Purchase Agreement (PPA) under the conditions of the collaboration (PPA). In addition, Tingo Foods, Evtec Energy, and their technology partner TAE Power will investigate similar projects throughout Nigeria and Sub-Saharan Africa through their partnership and collaboration.

"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 creating jobs and boosting 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," says Dozy Mmobuosi, founder of Tingo Mobile Limited and Tingo Foods PLC.

"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 in 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," says David Roberts, Chairman of the Evtec Group.