Sajjad Ahmad, Deputy Business Editor

Enercap Holdings, a Dubai-based leading energy storage technology company has announced a year of significant accomplishments and sustained growth.

Waseem Ashraf Qureshi, Chairman of Enercap said, “The company aims to raise the UAE flag on global technology landscape and put the country on the list of battery cells producing countries. Our exports of battery cells have reached $10 million last year. We are anticipating the volume of our exports to hit $60 million in 2024 as we are witnessing a rising demand for our products.”

Qureshi added, “Despite challenging economic conditions, we have achieved a 300% increase in revenue, a testament to our robust business model and the trust of our customers and investors.”

About the company’s expansion plan, he added, “We are planning to set-up a new facility in the UAE with the investment worth $60 million. We are in the initial process of raising more capital from the potential investors to build the factory and strengthen the UAE status as global technology leader.”

On the Enercap’s potential IPO, Qureshi explained, “We recently signed a significant partnership with a capital company to prepare us for the launch of IPO. We anticipate our IPO at the end of this year or start of next year.” Enercap is developing energy storage technologies that meet the rigorous demands of the energy transition and reducing the carbon emission.

The company’s products are the first non-chemical alternative to Lithium Ion, based on electrostatic energy storage and are game-changers in the energy storage landscape delivering magnitudes better performance proven in all metrics with lower cost, longer lifetime, rapid charging, better safety and total recyclability.

Waseem Ashraf Qureshi spoke about the impact of the company’s products in combatting climate change. “Our brands represent a leap in energy storage performance delivering exceptional results using elements made from abundant materials and an insignificant environmental footprint. Our products demonstrate consistent performance over their considerable long life and in harsh operating conditions, and I can say with confidence that they will transform the way we store and use energy, thereby accelerating electrification and decarbonatization to combat climate change.”

Saad Zaman, Chairman, Burj Capital and Executive Vice Chairman Enercap, expressed his excitement about the Company’s progress. “We are working together as a team to enable Enercap to commercially scale and fulfil the global potential of the technology as a leading energy storage brand.”

Qureshi further stated that “we are launching our journey from Dubai to the world and we believe our products have a significant role to play in the transition to a more sustainable and efficient energy system. We are excited at the possibilities ahead as we make a meaningful impact in the fight against climate change.”

Qureshi added that “being based in the UAE has enabled us to access the human capital and infrastructure available in the UAE and provided the foundation for the continuous development of our technologies. With the UAE leaderships focus on renewable energy and efficiency, and combatting climate change, the environment is conducive for innovators and inventors like us to build solutions to the world’s complex energy problems, at par with global innovation hubs in the US, Europe and Asia.”

Enercap Holdings successfully launched a series of cutting-edge supercapacitor energy storage products delivering degradation free, longer life and safer alternatives to chemical storage, that are more economical and sustainable, solidifying our position as a leader in energy storage.

Market Expansion: The company extended its applications to grid storage and EV charging infrastructure, to add to its growing position in telecom and residential storage. The firm also achieved major breakthroughs in large scale systems with our first 20MWh order in Abu Dhabi, and a 2MWh storage solution for wind farm deployment in Turkey.

Enercap experienced significant expansion in telecoms where we crossed 30MWh of deployed capacity as well as in EV charging storage with 4MWh capacity in Saudi Arabia. The company entered North American and European markets in utility scale and industrial products, and launched high-density ultra-fast charging storage for EV’s with a leading brand in the US.

Enercap strategic alliances have expanded, including landmark collaborations with leading institutions in the UAE, US, Turkey, Saudi Arabia and Sri Lanka, which has been instrumental in advancing our growth.