WEG, which is listed on the Bovespa (WEGE3) and on the US OTC market (WEGZY), has signed a technology transfer agreement with MTOI of Spain, a subsidiary of Egypt's Elsewedy Electric, and will manufacture wind turbines based on the MTOI technology. WEG and MTOI have established a 50/50 joint venture which will manufacture turbines at the WEG Energy manufacturing plant in Jaraguá do Sul, Santa Catarina. The initiative will create 250 new jobs.

MTOI's Direct Drive (gearless) technology uses a multipolar synchronous generator. The turbines are connected to the grid through a four quadrants power converter offering high capacity grid integration. WEG also intends to supply its existing products, such as generators, transformers, drives, electric motors and coatings, to the Brazilian wind energy market.