Executive Summary
10,500
Total Sites (5 Years)
20%
Cost Reduction (JV)
3.40B MAD
Program Savings
2.34B MAD
Net Investment
The Strategic Imperative
This two-phase partnership is the cornerstone of NOMATIS TOWERS' competitive dominance in Moroccan telecommunications infrastructure for the next decade.
Four Pillars of Advantage
1. Cost Leadership: 85% effective cost reduction creates unmatched pricing power
2. Supply Chain Security: 70% JV ownership guarantees battery supply at $75/kWh
3. Speed to Market: 10-day installation (52% faster than Year 1)
4. Profit Participation: 650M MAD in JV returns over 4 years
The Financial Transformation
| Metric | Year 1 | JV Years 2-5 | With Subsidies | Reduction |
|---|---|---|---|---|
| Cost per Site | 1,375,000 MAD | 1,100,000 MAD | 210,000 MAD | -85% |
Program Savings: 3.40 BILLION MAD = Strategic Value of JV Model
Project Context & Specifications
Deployment Scale
- Annual Target: 2,000 sites/year
- 5-Year Total: 10,500 sites (500 Year 1 + 10,000 Years 2-5)
- Timeline: 2026-2030
- Geographic Scope: National coverage across Morocco
Technical Requirements
| Specification | Value |
|---|---|
| Power Consumption | 4,400 kWh/month (147 kWh/day) |
| Energy Independence | 100% autonomous (no grid) |
| Base Battery Capacity | 400 kWh/site (2.7 days autonomy) |
| Solar Array | 120 kWp (345× 350W panels) |
| Reliability Target | 99.5% uptime |
| Solar Irradiation | 5.5-6.5 kWh/m²/day (Morocco avg) |
Partnership Structure
- JV Name: NOMATIS-Gotion Energy Morocco S.A.R.L.
- Ownership: 70% NOMATIS / 30% Gotion
- Battery Tech: Gotion LFP from Kenitra gigafactory
- Founder's Pricing: $75/kWh (exclusive rate)
- Cost Target: Minimum 20% reduction vs Year 1
Phase 1: Year 1 (2026) - Direct Procurement
Why Direct Procurement in Year 1?
- JV facility construction: Q1-Q2 2026
- JV operational readiness: Q3-Q4 2026
- Gotion Kenitra production starts Q3 2026
- Validate technology with 500 baseline sites
- Lock in $75/kWh founder's pricing
Year 1 Cost Breakdown (Per Site)
| Component | Cost |
|---|---|
| Battery System (400 kWh @ $75/kWh + BMS + Housing) | 375,000 MAD |
| Solar System (120 kWp + mounting + inverters) | 660,000 MAD |
| Installation & Integration (civil + electrical) | 280,000 MAD |
| Monitoring & Control (SCADA + IoT) | 60,000 MAD |
| TOTAL YEAR 1 | 1,375,000 MAD |
Year 1 Program Economics
500
Sites Deployed
687.5M
Total Investment (MAD)
18-21
Days Installation
$75
Per kWh (Founder's)
Optimization Potential for JV
| Category | Year 1 Cost | % of Total | JV Optimization |
|---|---|---|---|
| Battery System | 375,000 | 27.3% | Medium (transfer pricing) |
| Solar System | 660,000 | 48.0% | High (bulk purchasing) |
| Installation | 280,000 | 20.4% | Very High (eliminate margins) |
| Monitoring | 60,000 | 4.4% | Medium (integrated platform) |
Phase 2: Years 2-5 (2027-2030) - JV Operations
How JV Achieves 20% Cost Reduction
- Volume Purchasing: 10,000 sites = 15-25% discounts on solar/BOS
- Internal Transfer Pricing: Battery cells at cost + 8% markup
- Vertical Integration: Eliminate 15-18% contractor margins
- Process Standardization: Factory pre-assembly reduces labor 40-50%
- Learning Curve: 500-site Year 1 experience optimizes designs
JV Cost Structure (Per Site)
| Component | Year 1 | JV Optimized | Savings | % Reduction |
|---|---|---|---|---|
| Battery System | 375,000 | 333,000 | 42,000 | -11.2% |
| Solar System | 660,000 | 527,000 | 133,000 | -20.2% |
| JV Value-Add | 0 | 70,000 | +70,000 | New capability |
| Installation | 280,000 | 185,000 | 95,000 | -34.0% |
| Monitoring | 60,000 | 45,000 | 15,000 | -25.0% |
| JV Cost | 1,375,000 | 1,160,000 | 215,000 | -15.6% |
| JV Margin (8%) | - | 92,800 | - | Profit |
| PRICE TO NT | 1,375,000 | 1,100,000 | -275,000 | -20.0% |
JV Economics & NT Benefit
1.1M
JV Price per Site (MAD)
8.4%
JV Gross Margin
65,000
NT Profit per Site (MAD)
1.035M
Net Cost to NT (MAD)
NOMATIS realizes savings through three mechanisms:
- Direct Price Reduction: 1,375,000 → 1,100,000 MAD (20%)
- Profit Participation: 70% × 92,800 = 65,000 MAD per site
- Effective Net Cost: 1,100,000 - 65,000 = 1,035,000 MAD (24.7% reduction)
Years 2-5 Program
| Metric | Value |
|---|---|
| Sites Deployed (Years 2-5) | 10,000 sites |
| Gross Investment | 11.00B MAD |
| NT Profit Participation (70%) | (650M MAD) |
| Net NT Investment | 10.35B MAD |
| Installation Timeline | 10 days/site |
| Quality Failure Rate | <1% |
Comprehensive 5-Year Financial Analysis
Total Program Comparison
| Scenario | Sites | Cost/Site | Total Investment |
|---|---|---|---|
| Counterfactual (All Direct) | 10,500 | 1,375,000 | 14.44B MAD |
| Actual (Year 1 Direct + JV) | 10,500 | 1,067,000 avg | 11.04B MAD |
| SAVINGS | - | 308,000 | 3.40B MAD (-23.5%) |
3.40 BILLION MAD PROGRAM SAVINGS
Strategic Value of JV Model
Cost Evolution Timeline
| Year | Sites | Model | Price | NT Profit | Net Cost |
|---|---|---|---|---|---|
| 2026 (Year 1) | 500 | Direct | 1,375,000 | 0 | 1,375,000 |
| 2027 (Year 2) | 2,500 | JV | 1,100,000 | 65,000 | 1,035,000 |
| 2028 (Year 3) | 2,500 | JV | 1,100,000 | 65,000 | 1,035,000 |
| 2029 (Year 4) | 2,500 | JV | 1,100,000 | 65,000 | 1,035,000 |
| 2030 (Year 5) | 2,500 | JV | 1,100,000 | 65,000 | 1,035,000 |
Joint Venture Structure & Returns
JV Capitalization
| Shareholder | Ownership | Capital | Contribution |
|---|---|---|---|
| NOMATIS TOWERS | 70% | 105M MAD | Market access, operational expertise |
| Gotion High-Tech | 30% | 45M MAD | Battery tech, manufacturing, R&D |
| TOTAL | 100% | 150M MAD | Complementary capabilities |
Capital Deployment (150M MAD)
| Category | Amount | % | Purpose |
|---|---|---|---|
| Facility (5,000 m²) | 45M | 30% | Assembly plant Casablanca/Kenitra |
| Equipment & Tooling | 35M | 23% | Battery assembly, solar integration, testing |
| Initial Inventory | 40M | 27% | 1-month buffer stock |
| Working Capital | 20M | 13% | First 6 months operations |
| Setup & Contingency | 10M | 7% | Design, certifications, training |
JV Investment Returns
5.2×
ROI Multiple
51%
Annual IRR
1.9 years
Payback Period
778M
4-Year EBITDA (MAD)
JV Revenue Model (Years 2-5)
| P&L Line | Year 2 | Year 3 | Year 4 | Year 5 | Total |
|---|---|---|---|---|---|
| NOMATIS Sites | 2.75B | 2.75B | 2.75B | 2.75B | 11.00B |
| External Customers | 0 | 120M | 300M | 480M | 900M |
| O&M Services | 68M | 180M | 293M | 405M | 946M |
| Total Revenue | 2.82B | 3.05B | 3.34B | 3.64B | 12.85B |
| EBITDA | 172M | 185M | 203M | 218M | 778M |
| NOMATIS 70% | 120M | 130M | 142M | 153M | 545M |
| Gotion 30% | 52M | 56M | 61M | 66M | 235M |
Government Subsidies & Optimization
Subsidy Structure Comparison
| Incentive Category | Year 1 | Years 2-5 | JV Advantage |
|---|---|---|---|
| Base Infrastructure Subsidy | 40% | 40% | - |
| Green Energy Bonus | 20% | 20% | - |
| Local Content Premium | 0% | 15% | +15% |
| Job Creation Credits | 5% | 10% | +5% |
| Technology Transfer | 0% | 5% | +5% |
| TOTAL SUBSIDY | 65% | 90% (capped at 75%) | +25% |
Financial Impact of Subsidies
Year 1 with Subsidies
| Metric | Without Subsidy | 65% Subsidy | Effective Cost |
|---|---|---|---|
| Cost per Site | 1,375,000 | (894,000) | 481,000 MAD |
| Year 1 Total (500) | 687.5M | (447M) | 240.5M MAD |
Years 2-5 with Subsidies
| Metric | Without Subsidy | 75% Subsidy | NT Profit | Net Cost |
|---|---|---|---|---|
| JV Price/Site | 1,100,000 | (825,000) | (65,000) | 210,000 MAD |
| 4-Year Total | 11.00B | (8.25B) | (650M) | 2.10B MAD |
5-Year Program with Subsidies
| Period | Sites | Gross | Subsidies | NT Profit | Net Investment |
|---|---|---|---|---|---|
| Year 1 | 500 | 687.5M | (447M) | 0 | 240.5M |
| Years 2-5 | 10,000 | 11.00B | (8.25B) | (650M) | 2.10B |
| TOTAL | 10,500 | 11.69B | (8.70B) | (650M) | 2.34B MAD |
Effective Cost per Site (After Subsidies & Profit)
481,000
Year 1 Per Site (MAD)
210,000
Years 2-5 Per Site (MAD)
223,000
5-Year Average (MAD)
Key Differentiators for Enhanced Subsidies
- "Made in Morocco" Batteries: Gotion Kenitra production = highest local content priority
- Job Creation: 120 JV direct jobs + 300+ indirect
- Technology Transfer: Battery assembly expertise localized in Morocco
- Export Potential: JV serves West African markets (forex generation)
- FIFA 2030 Alignment: Critical telecom infrastructure for World Cup
Strategic Conclusion: The Defining Decision
Once-in-a-Generation Opportunity
The NOMATIS TOWERS - Gotion High-Tech partnership represents a once-in-a-generation opportunity to establish Morocco's first vertically integrated, cost-leading telecommunications energy infrastructure company.
Six Strategic Factors Create Unparalleled Advantage
- Perfect Timing: Gotion Kenitra production (Q3 2026) synchronizes with NOMATIS timeline
- Founder's Economics: $75/kWh is 35-45% below market, locked for 5 years
- JV Cost Optimization: Guaranteed 20% reduction through vertical integration
- Government Alignment: "Made in Morocco" batteries unlock 75% subsidies
- Vertical Integration: 70% JV ownership completes strategic value chain
- Market Dominance: 10,000+ sites = Africa's largest solar telecom network
The Financial Reality
5.05B
Without JV (MAD)
2.34B
With JV (MAD)
2.71B
Savings (MAD)
54%
Reduction
The Strategic Reality
This is not a procurement decision—it is the foundation of NOMATIS TOWERS' decade-long competitive advantage in Moroccan telecommunications infrastructure, with ripple effects across West Africa.
Call to Action: Immediate Next Steps
Week 1-2: Gotion Partnership Engagement
Objective: Secure Letter of Intent with Gotion High-Tech Morocco
- Confirm $75/kWh founder's pricing for 5-year program (4.2 GWh)
- Guarantee priority allocation during Kenitra ramp-up
- Establish JV framework (70% NT / 30% Gotion)
- Define technical support scope (training, warranty, R&D)
Week 3-4: JV Legal Formation
Objective: Establish NOMATIS-Gotion Energy Morocco S.A.R.L.
- Draft shareholder agreement (70/30 ownership, governance)
- Register legal entity with Moroccan authorities
- Capital commitment: NOMATIS 105M MAD, Gotion 45M MAD
- Phased deployment: 60M MAD Q1, 90M MAD by Q3 2026
Month 2-6: Parallel Execution
Track 1: Execute Gotion supply contract, qualify contractors, apply for subsidies
Track 2: Secure JV facility, order equipment, hire team, develop protocols
The Window of Opportunity is NOW
Gotion Morocco seeks anchor customers for 2026 production ramp-up. NOMATIS TOWERS is positioned to secure the most advantageous terms available—but only by acting decisively in Q4 2025.