Ekos Signs Significant Renewable Energy Contract with Latvenergo
Foreks - With advanced technology and high engineering power, Ekos Electric has been guiding the sustainable transformation of electrical energy for nearly 25 years and continues to grow steadily in both domestic and foreign markets. The company, which exports to 36 countries across four continents—Africa, Asia, Europe, and South America—has recently added Latvia to its export markets, further proving its global competitiveness.
According to an agreement among the Baltic countries of Estonia, Latvia, and Lithuania, and Northern European electricity networks managed by Germany, Denmark, Poland, Sweden, and Finland, all three countries will separate their electricity grids from interconnections with Russia by February 2025. They have agreed to synchronize only with the European Network of Transmission System Operators for Electricity (ENTSO-E) grid and have accelerated renewable energy investments to ensure the necessary diversity of resources for this purpose. In this context, Latvia’s energy supplier, Latvenergo, has signed a contract with Ekos Electric, thus taking one more step towards achieving the EU's goal of 'Carbon Neutrality' by 2050.
Under this agreement, Ekos Electric will establish prefabricated medium-voltage centers in Latvia, which will serve as the main distribution center for a solar power plant. Medium-voltage switching devices and digital protection relays, specifically designed to withstand the challenging atmospheric conditions of Nordic countries, will also carry the Ekos Electric brand.
“The number of countries we export to has risen to 36” Emphasizing the great significance of the contract signed between Ekos Electric and Latvenergo in accelerating Latvia's green transformation process, Mehmet İmeryüz, Business Development Director of EKOS (IS:EKOS) Electric, stated, “As Turkish engineers, we are very happy to be part of such an important contract and to contribute to Latvia’s renewable energy investments. We believe that the increase in the number of countries we export to, now reaching 36, will further strengthen our position in international markets. We take great pride in representing Turkey across the globe, including countries such as Algeria, Italy, Sweden, Bangladesh, Uzbekistan, the UK, the Philippines, Tunisia, and Senegal. Consequently, the share of our exports in our total revenue has risen from 22.5% to 44%. In the upcoming period, we will continue to add new markets abroad, providing foreign currency inflows to the Turkish economy.”
“We want to be one of the key players in energy transformation” Highlighting the increasing global need for renewable energy in the future, İmeryüz continued his remarks: “According to the International Energy Agency (IEA), the world's energy needs are expected to increase by 50% by 2050, with this energy demand being met primarily from renewable energy sources such as solar and wind power. The transformation of energy resources to renewable energy will create a dynamic growth environment, characterized by a continuous increase in the number and diversity of electricity consumption points and the required power levels. Considering the EU's goals of 'net zero carbon by 2050' and limiting global warming to 1.5°C, we expect renewable energy investments to enter a trend of increasingly rapid growth from 2024 onwards. As Ekos Electric, we aim to be one of the key players in 'energy transformation and ecological energy' by continuously developing our technology and offering innovative solutions both domestically and globally.”