Blink

Germany’s Next e.GO prepares for electric car plant in Greece

Posted on by admin

Up-and-coming electric car maker Next e.GO, a German firm recently transferred to Dutch investment group ND Industrial BV, will today present its plan for the development of a production facility in Greece, an investment believed to be worth approximately 100 million euros.

The company’s decision was reached some time ago as a result of Greece’s improved business image abroad, positive market-research results, abundance of low-cost computer programmers and engineers, and, most crucially, the country’s ambitious economic restructuring plan, an initiative to be supported by 32 billion euros stemming from the EU recovery fund.

Talks began several months ago between Greek government and Next e.GO officials, who have already inspected a number of potential sites that could host the company’s investment plan.

Next e.GO, specializing in small, versatile, low-cost vehicles ideal for city use, is looking to set up its venture on a large expanse with access to key roads, railway infrastructure and within close proximity to the airport.

Further details on the investment, including its precise value, the prospective facility’s production capacity, development and launch schedule, as well as the degree to which Next e.GO sees Greece as a base for exports to neighboring countries, are expected to be disclosed at the presentation today.

The presentation will be preceded by the signing of a Memorandum of Understanding between Enterprise Greece, the Greek state’s official agency designed to promote the country’s investment opportunities, and Next e.GO CEO Ulrich Hermann, in the presence of Greek Prime Minister Kyriakos Mitsotakis and other key government members.

The car manufacturer’s flagship model, the e.GO Life, a 1.2-ton vehicle equipped with a 21.5-KW battery and 57-kW engine that was launched in 2018 at a retail price of under 16,000 euros, comes in variations, including the e.GO Life Sport and e.GO Life Cross models. Its distance range reaches 203 km in cities and 139 km on highways.

Other foreign firms considering the Greek market amid growing electromobility interest include the US firms Tesla and Blink, Swedish-Swiss multinational ABB, France’s Engie, as well as smaller producers.

Hybrid car sale forecasts in Greece have exceeded expectations this year, reaching 40 percent of total sales, well over a 20 percent target.

US investments in Greek RES sector rising, LNG imports up

Posted on by admin

New US investments in Greece’s RES sector are on the rise, the energy ministry has stressed following a meeting yesterday between Greek energy minister Costis Hatzidakis and the U.S. Ambassador to Greece, Geoffrey Pyatt, for a discussion on major energy project plans in the wider region and the related American investment activity.

U.S. companies such as ONEX, Black Summit, with support from DFC (International Development Finance Corporation), Quantum Energy Partners, National Energy, General Electric, Fortress Investment Group, Blink and Tesla are all currently pursuing investments in the Greek market.

Hatzidakis, the energy minister, expressed satisfaction over the level of foreign investments in Greece, noting U.S. participation has significantly increased, especially in the energy sector.

Last month, 547 Energy, an American renewable energy venture backed by Quantum Energy Partners, participated for a third time in a row in a RES auction staged by RAE, the Regulatory Authority for Energy, adding 107 MW in wind energy capacity to its Greek portfolio for a current tally of eight RES projects and 390 MW, the energy ministry noted.

National Energy is drawing American funds to develop wind and solar energy projects in Greece with a total capacity of 270 MW, the statement added.

Also, the energy ministry noted, General Electric has supplied equipment for a wind energy farm in Fokida, west of Athens, a project being partially financed by the Fortress Investment Group; Blink recently began an investment plan in the electromobility sector, for rechargers and other equipment; while Tesla, a producer, amongst other things, of electric vehicles, recently announced a plan to expand its operations into Greece.

During their meeting, Hatzidakis and Pyatt also discussed the partnership between Greece, Cyprus and Israel, plus the U.S.

The progress of work at the Greek-Bulgarian IGB gas pipeline, whose geostrategic importance was stressed by the Greek minister, was also addressed. A closer association with Bulgarian contractors is being sought for the project’s punctual delivery.

Work on the Alexandroupoli FSRU in northeastern Greece is progressing at a satisfactory pace, the two officials agreed, noting the project will have a positive impact on geostrategic and energy matters.

The U.S. supplied nearly half of the 2,651,903 cubic meters of LNG imported into Greece in the first half of 2020, almost quadruple the amount supplied by America to Greece during the equivalent period a year earlier.