DUBAI, United Arab Emirates--(BUSINESS WIRE)--Dubai-based supercap energy storage manufacturer Enercap Holdings and Abu Dhabi-based Apex Investments PSC have formed a joint venture to build 16GWh per year manufacturing capacity of supercap energy storage, a cutting-edge technology with features that surpass the current lithium-ion technology we commonly see. The joint venture is set to meet exponential growth in demand. This will currently be the largest supercap energy storage manufacturing capacity in the world.
As part of this collaboration, Enercap Energy Holding Limited, the joint venture, will establish a fully automated 10 GWh/year manufacturing facility in Abu Dhabi. Additionally, Enercap Energy Holding Limited has agreed to acquire an existing manufacturing facility in Dubai Industrial City which will be upgraded to 6 GWh/year capacity. Enercap has a current global demand of over 30GWH of large-scale battery energy storage units (BESS). Apex Energy Holding Limited will take 65% and Enercap SPV Limited 35% of the share capital in the joint-venture.
Enercap’s supercap-based energy storage’s non-degrading, long lasting attribute, along with the ability to operate in wide temperatures, allows it 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.
Mark Blackwell, CEO of Apex, said, “Stable, predictable and long-life performance from energy storage is essential to efficiently scale its deployment with renewable generation to replace fossil fuel-based electricity generation. The benefits of supercap storage are driving demand and we are excited to support Waseem Qureshi and his team in their vision to build capacity to enable decarbonization, electrification and the shift to supercap based energy storage.”
Waseem Ashraf Qureshi, CEO of Enercap Holdings and the inventor of the technology, commented, “We are delighted with the joint-venture with Apex which will accelerate our growth throughout the world and expand our product portfolio to deliver solutions in every application where storage is deployed. We believe that this is the future of energy storage.”
Supercap energy storage delivers storage solutions that are long lasting, degradation free, fast charging, safe, fully recyclable and cost effective. “Enercap’s proprietary and disruptive technology will play an important role to accelerate global decarbonization ambition, with its technology serving the energy storage, electric vehicle and consumer markets.” -Mark Blackwell.
Source: AETOSWire