The unit of sovereign wealth fund Kuwait Investment Authority sets up a joint venture with the Germany-based energy efficiency and storage company in Kuwait.
National Technology Enterprises Company (NTEC), part of sovereign wealth fund Kuwait Investment Authority, has set up a joint venture in Kuwait with Germany-based energy efficiency and storage company Heliocentris, according to news provider GulfBase.
Kuwait will own 51% of the venture, while Heliocentris will own 49%, GulfBase said.
Kuwait Investment Authority owns an 11 percent stake in Heliocentris, GulfBase added.
Heliocentris has established a laboratory for renewable energy in the Public Authority for Applied Education and Training in Kuwait and is looking to build another laboratory at Kuwait University, GulfBase added.
