(BUSINESS WIRE)–Turkish electrical control equipment manufacturer XKoren Electric has intensified its global expansion strategy with a €50 million investment. Striving to position itself as a leading global provider of eco-friendly electrical control equipment during the green energy transition, XKoren will extend its cutting-edge smart switchgear solutions, manufactured in its state-of-the-art facility, to 14 markets, including the Middle East with the “Made in Türkiye” label.
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% 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.
Extensive customer network
XKoren Electric 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.”
Global expansion begins with a Middle East debut
In 2020, XKoren embarked on a global expansion journey powered 100% by Turkish capital and domestic production. Driven by the vision of providing comprehensive solutions to customers in regional markets, the Middle East market is one of the initial destinations on this path.
Highlighting the market’s significance in the renewable energy 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. XKoren is also eagerly anticipating the inauguration of its cutting-edge factory in Istanbul, equipped with state-of-the-art technology, where it will continue its production of electrical switchgear.