Millennium Energy and Catalyst Private Equity form Solar Energy JV in Palestine with APIC
Amman, Ramallah – Millennium Energy Industries (MEI) in partnership with Catalyst Private Equity and Arab Palestinian Investment LTD (APIC) announced the inception of Millennium Energy Palestine, which will utilize the 200+ international references, 6 year experience in solar heating, superior technology and exclusive agency relationships of Millennium Energy Industries to further develop the Palestinian Solar Heating Market.
Millennium Energy Palestine will serve the residential, commercial, and industrial sectors by providing economically feasible solar solutions to satisfy the demand for hot water, space heating, and industrial hot water while saving its clients up to 85% on their conventional fuel bill (diesel, gas, and electricity). Market studies show that with the current fuel prices in the Palestinian market, payback period for Millennium’s solar systems is close to one year depending on the application.
Millennium Energy Palestine will start its operations this summer in Ramallah. Palestine has sizable potential in space heating and solar water heating in; hotels, hospitals, houses, educational institutions and industrial companies. Advanced solar heating solutions provided by MEI in Palestine have an edge over the traditional solar products currently present in the Palestinian market.
“Solar energy for heating has been commercially viable for years. With the right engineering, products, and expertise the payback can be 0-2 years. We are excited about Millennium Palestine, and will be establishing additional JV’s and subsidiaries around the region for solar heating, cooling, and power generation over the next years,” stated Dr. Ayman Maaitah, Founder and CTO of Millennium Energy Industries.
MEI’s edge includes strong solution engineering, evacuated tube based products and professional installation. The company has over two hundred references in solar space heating in the region as well as many industrial hot water customers.
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