UAE-based firm Enercap attracts $20m funding from US company - GulfToday

UAE-based firm Enercap attracts $20m funding from US company

Waseem Ashraf Qureshi (left) and Shahal Khan after the signing ceremony.

Waseem Ashraf Qureshi (left) and Shahal Khan after the signing ceremony.

Sajjad Ahmad, Deputy Business Editor

To support the UAE clean energy drive and sustainable growth agenda, a US-based company Burkhan International Development Corporation (BIDC) announced a $20 million investment in the UAE-based Enercap Holdings (Enercap), the holding company behind the invention, development, manufacturing and commercialisation of Supercap Energy Storage.

BIDC’s investment into Enercap will both increase the company and its subsidiaries infrastructure and also create Jobs in the UAE.

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, 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. 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.

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.”

Isaac Chetrit, Director BIDC added, “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 decarbonization when it is needed the most. We are excited to support Waseem Qureshi and his team in their vision to enable decarbonization, electrification and the shift to supercap based energy storage from chemical storage.”

Waseem Ashraf Qureshi, CEO of Enercap and the inventor of the technology, commented, “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 life long term positive impact and change which will aid in the evolution of our society.”

 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 said that “the BIDC investment will enable us to prepare for a NASDAQ listing around the end of the year, providing us with access to long-term sustainable capital.”

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