Egyptian Cabinet Grants Golden Licenses to Two Battery Storage Projects Worth $800 million

The Egyptian cabinet, chaired by Dr. Mustafa Madbouly, approved "golden licenses" for two domestic energy‑storage companies, Nefertiti and Horus, under the internal investment law. The Nefertiti project will develop battery‑storage systems on more than 214,000 sqm in the Benban area of Aswan, with an investment of about US$450 million and the creation of roughly 1,650 jobs. The Horus project will cover over 177,000 sqm in the Zafarana area of Suez, involving US$350 million in investment and about 1,400 jobs. Both projects are aimed at supporting Egypt’s renewable‑energy expansion by providing large‑scale storage capacity, reducing carbon emissions, improving grid stability and enhancing energy security. The approvals are part of a broader strategy to link new industrial development with clean‑energy initiatives and to position Egypt as a regional hub for renewable technologies.