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.
About MICT
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.
Disclaimer
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.
Investor Relations Contact
Chris Tyson/Larry
Holub949-491-8235MICT@mzgroup.uswww.mzgroup.us
MICT Inc. Contact InformationEmail:
info@mict-inc.comPhone: (201) 225-0190
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