Swedish ball-bearing maker SKF said Monday it is increasing its technical and manufacturing capabilities within magnetic bearings through a 50 million Swedish kronor ($4.7 million) investment in a new manufacturing site in Tangier, Morocco.

The new site will ramp up operations during the second quarter and once fully operational, will help meet growing demand, it said.

SKF secured a record order intake for these products of over SEK1 billion in 2022, it added.

"Magnetic bearings have played a key role in traditional energy segments for many years. As this technology is now playing a central role in green industries, we need to make sure we can maintain our leading position," said Thomas Frost, president of independent & emerging business.