GAINS OF COP-28: NASENI, REA SEAL $150M LITHIUM BATTERY MANUFACTURING DEAL WITH CHINESE INVESTOR
GAINS OF COP-28: NASENI, REA SEAL $150M LITHIUM BATTERY MANUFACTURING DEAL WITH CHINESE INVESTOR
Dubai, UAE – December 08, 2023
As the global community converges for COP 28 in Dubai, the Rural Electrification Agency (REA) of Nigeria and the National Agency for Science and Engineering Infrastructure (NASENI) are poised to make a significant stride in climate action by signing a groundbreaking Cooperation Agreement with the SHENZEN LEMI Technology Development Company, marking a pivotal moment in the global effort towards sustainable energy practices.
The Agreement was signed on December 8, 2023, under the leadership of the Nigerian Federal Ministry of Power and the China Ministry of Ecology and Environment. The partnership will facilitate the establishment of a Lithium-Ion Battery manufacturing and processing factory in Nigeria. This initiative is backed by a US$150 million investment from LEMI, with operations scheduled to commence in phases, starting from the 2nd quarter of 2024.
The Chinese Ministry of Ecology and Environment, in collaboration with the Federal Ministry of Power in Nigeria, expressed enthusiasm for being part of this transformative agreement. The signing of the Cooperation Agreement is anticipated to serve as a pioneer initiative for the Light and Belt Initiative in Africa, aligning with global efforts to drive climate technology development and transfer.
This collaboration will strengthen the NASENI’smandate under the Agency’s new leadership to manage the research and development of capital goods, production and reverse engineering to enhance local mass production of standard parts, and services for the nation’s technological advancement with a special focus on the Nigerian Electricity Sector.
Furthermore, the collaboration underscores REA’s commitment to bridging the climate technology gap and combating the adverse effects of climate change. It also aligns with Nigeria’s ambitious goals of achieving universal electricity access by 2030 and net-zero emissions by 2060.
The partnership aims to foster the development and transfer of climate technology, promote indigenous industrialization, facilitate commercialization, enhance public-private cooperation, and contribute to job creation, economic growth, and the extractive industry in Nigeria.
Recognizing the crucial role of energy storage in the transition to renewable energy sources, the investment in Lithium-Ion energy storage manufacturing signifies a significant step towards achieving a low-carbon economy. Research indicates that Lithium-Ion energy storage has the potential to reduce CO2 emissions by more than 20 percent per kWh capacity compared to traditional lead-acid technology.
The REA and NASENI remain steadfast in theircommitment to cultivating partnerships that accelerate clean, innovative, and sustainable energy interventions, contributing to the global pursuit of a greener and more sustainable future.
About Rural Electrification Agency (REA)
The Rural Electrification Agency (REA) is the Implementing Agency of the Federal Government of Nigeria (FGN), under the Federal Ministry of Power, tasked with the electrification of unserved and underserved communities to catalyse economic growth and improve the quality of life for Nigerians. The REA is currently administering the Rural Electrification Fund (REF) and implementing the Nigeria Electrification Project (NEP) and several initiatives in furtherance of its mandate.
To give effect to some of its initiatives, REA has obtained financing amounting to $550 million ($350 million from the World Bank and $200 million from the African Development Bank) for financing the Nigeria Electrification Project, and an additional $11 million for financing the Rural Electrification Fund for the deployment of Solar hybrid mini grids and solar home systems. These funds will ensure that millions of Nigerians have access to clean, safe, reliable, and affordable electricity.
About National Agency for Science and Engineering Infrastructure (NASENI)
NASENI is a Federal Government of Nigeria Agency responsible for developing and maintaining science, technology, and engineering infrastructure to drive industrialization, job creation, and national progress.
About LEMI
LEMI is a company incorporated under the laws of the Federal Republic of Nigeria with its parent company in China. Renowned for technical competence and experience in renewable energy solutions, LEMI specializes in the development and deployment of solar energy storage systems, solar home systems, and photovoltaic application technologies. With a 20-year history, LEMI has successfully promoted its technology and products in 46 countries worldwide.
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