Shaker Group’s ESCO signs MoU with Signify

Shaker Group, the Tadawul-listed importer, manufacturer and distributor of air conditioners and home appliances, has signed a memorandum of understanding (MoU) with Signify, formerly Philips Lighting, to explore energy efficiency opportunities in the Kingdom, it said in a statement.

The MoU will harness the expertise and resources of both Shaker Group’s subsidiary, Energy Services Company (ESCO), and Signify, to deliver efficiency studies and retrofitting across Saudi Arabia, with a focus on LED lighting solutions.

With the Saudi government committing over SAR 2 billion to energy efficiency projects across the Kingdom, Signify’s role within the MoU will be to provide direct support to ESCO projects through systems and technologies, creating synergy between an industry-leading global player and an established local company.