BIDC to invest $20m into Enercap Holdings for advanced energy storage technology
Investment is amongst the largest in the region for energy storage technology developed in the UAE
Burkhan International Development Corporation (BIDC) has signed an agreement to invest $20 million into Enercap Holdings, the holding company behind the invention, development, manufacturing and commercialisation of Supercap Energy Storage, it has been announced.
In a statement, Enercap said that energy storage is a critical element of the energy transition, with electrification and decarbonization requiring performance which is increasingly beyond the scope of chemical batteries.
Supercap Energy Storage, developed by Enercap’s subsidiaries in Dubai, UAE, meets these demanding requirements – non-chemical Supercap based, with long life, no capacity degradation, environmentally sustainable and recyclable, and with abundant availability of raw materials, the statement continued.
It’s non-degrading attribute allows Supercap energy storage to deliver consistent and predictable capacity over its 25-year life cycle, which is essential for the bankability that the market values when making energy storage investments, it added.
Shahal Khan, CEO of BIDC said: “Stable, predictable and long-term output from energy storage is essential to efficiently scale IaaS (Infrastructure as a Service) and allow us to deliver bottom-up nation building that empowers the lives of communities throughout the world. Conventional batteries do not deliver the reliability or longevity to attract the investments required to bring about meaningful improvement in infrastructure and transition to electrification.”
Waseem Ashraf Qureshi, CEO of Enercap and the inventor of the technology, added: “We are delighted with the investment by BIDC which will accelerate our growth throughout the world and expand our product portfolio to deliver solutions in every application where storage is deployed. It will enable us to participate in BIDC’s mission of developing the largest IaaS smart solutions in the UAE and implementing them to consolidate efforts in bringing to lifelong term positive impact and change which will aid in the evolution of our society.”
BIDC’s investment into Enercap will both increase the company and its subsidiaries infrastructure and also create jobs in the UAE, the companies said.
Isaac Chetrit, Director at BIDC stated: “Supercap energy storage, developed by Enercap’s subsidiaries in Dubai, provides the leap in storage technology that is necessary to accelerate the adoption of renewables, electric transportation and decarbonisation when it is needed the most. We are excited to support Waseem Qureshi and his team in their vision to enable decarbonisation, electrification and the shift to supercap based energy storage from chemical storage.”
Omer Ghani, Chief Strategy Officer of Enercap added: “From rechargeable AA cells to mobile phone storage to EV charging stations to utility grade storage, we have spent the past five years building the most advanced energy storage solutions in the world — and now that market is ready to take-off.”
Supercap Energy Storage will deliver storage solutions that deliver a workable, performing product – long lasting, degradation free, fast charging, fully recyclable and cost effective.
Bilal Sheikh, Chief Operating Officer of Enercap pointed out that the BIDC investment will enable Enercap Holding to prepare for a NASDAQ listing around the end of the year, providing us with access to long-term sustainable capital.
The human capital and infrastructure available in the UAE is unmatched in the region and provides the foundation for the continuous development of innovative technologies and products, he continued. Coupled with a focus on renewable energy and efficiency, the environment is conducive for innovators and inventors to build solutions to the world’s complex energy problems, at par with global innovation hubs in the US, Europe and Asia, Sheikh said.
The investment, which is amongst the largest in the region for an energy storage technology developed in the UAE, is a testament to the UAE leadership’s emphasis on innovation and development in the addressing climate change, he concluded.
