Innovative Energy Group and Huawei Technologies sign new agreement




Innovative Energy Group (IEG) -formerly Ciboney Limited- signed a new distribution agreement with Huawei Technologies, targeting the English-speaking Caribbean where the company says there is growing demand for advanced digital power products and solutions.

The two-year renewable agreement grants IEG distribution rights for Huawei’s Tier 1 digital power products, including inverters, battery energy storage systems, power conversion systems, and SCADA/monitoring equipment.

Management states that over the past two years, IEG’s subsidiary, IEC, has procured over US$6 million worth of Huawei’s digital power products. With this agreement, Huawei aims to capture at least 50 per cent market share in Jamaica, ensuring strong growth and increased adoption of renewable energy technologies.

For the year ended May 31, 2024, IEG recorded a net loss of $10,980,447. These losses are related to the restructuring exercise, professional fees related to acquisition activities, and the development of a marketing plan

Innovative Energy Group Limited (IEG) entered into an agreement, dated August 26, 2024, with the owners of Innovative Energy Company DBA IEC SPEI Limited (IECL) to purchase 100 of its shares for a purchase consideration of USD 17,746,443 (equivalent to $2.8 billion), thereby obtaining full control over all the assets and liabilities of IECL.

As a result of this acquisition, IEG became the holding company of renewable energy development, engineering, procurement construction (EPC) and project management operation in the Caribbean, with annual revenue no over $1.4 billion.

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