Angop - Agência de Notícias Angola Press

Chinese firm to invest over $20 million in electricity meters

Fri, 20 Mar 2020 15:03 - Economy

Luanda - The Chinese company Hengye Electronics Industry Ltd plans to invest more than US $20 Million in the installation of factory to make water and energy meters in the Luanda-Bengo Special Economic Zone (ZEE).

The investment contract was signed last Monday, March 16, by the president of ZEE, António Henriques da Silva and the representative of the Chinese company in Angola, Frederico Walamba P. Makilanda, according to a press release.

The manufacturer will be located in an area of ​​14,699 square meters already identified in the ZEE.

At least 300 jobs will be created with the implantation of the plant.

Hengye Electronics Indústria Ltd, a subsidiary of the Chinese company Zheijiang Hengye Electronics Co., Ltd, will produce single-phase and three-phase meters.

To António Henriques da Silva, investment in this segment is important for the national economy, because the consumption of energy and water is permanent in people's lives.

Such move will contribute to improving the quality of life, especially the advantages of the prepayment system, which allows customers to consume energy with total control over their costs and without the need to receive an invoice in the end of the month.

The plant is projected to produce 319,200 single-phase meters and 19,800 three-phase ones, to serve the national market, thus contributing to the diversification of the economy and reducing the import of these goods.

The National Electricity Distribution Company (ENDE) plans to install, in the next five years, 1.5 million meters in the country.

"This volume of meters will allow us to reach, by the end of 2024, the largest number of prepayment customers",  predicts Federico Makilanda, Chairman of the Board of Directors of Hengye Electronics Indústria, Ltd.

About Zheijiang Hengye Electronics.

The company Zhejiang Hengye Electronics Co., Ltd. is a professional high-tech company in research and development, manufacturing and marketing electrical energy measurement devices, centralized meter reading, electricity consumption management and other relevant automatic systems with intellectual property rights.

Annual sales are around RMB 500 million (US $71,275,850) and annual production capacity is around 10 million devices.

Founded in 1995, the company is headquartered in the Special Economic Zone of Pinghu, Zhejiang, adjacent to developed cities such as Shanghai, Suzhou, Hangzhou and Ningbo.

It employs more than 700 people.