XKoren Electric, Turkish electrical control equipment manufacturer, has intensified its global expansion strategy with a €50 million ($53 million) investment.
XKoren plans to expand its state-of-the-art smart switchgear solutions to 14 markets, including the Middle East, under the “Made in Türkiye” label, aiming to become a leading global provider of eco-friendly electrical control equipment.
The International Energy Agency (IEA) predicts that global investments in clean energy will surpass €1.7 trillion by the end of 2023. This equates to 60 per cent of total energy investments for the year. Such projections amplify opportunities for electrical equipment manufacturers to prioritise the shift towards sustainable energy production, focusing on clean energy solutions.
XKoren Electric claims it is well known in its home markets for its comprehensive solutions featuring low voltage protection and control products,and has an impressive and extensive customer network in Türkiye.
Hasan Kaytan, the CEO of XKoren, commented, “In an era marked by a shifting energy paradigm, with a resolute commitment to green and clean energy, we are dedicated to establishing XKoren as a global brand at the forefront of the control equipment industry’s transformation.”
Kaytan remarked, “The region’s growing economy, substantial investment potential, and increasing global status make the Middle East a compelling market for XKoren.”
The company plans to establish regional offices in 14 countries across Europe, Central Asia, Africa, and the Middle East, will channel increased resources into R&D and P&D efforts, focusing primarily on smart switchgear products.
Source: tradearabia