(MENAFN- Khaleej Times)
Published: Mon 16 Sep 2024, 1:42 PM
Dubai-based supercap energy storage manufacturer, Enercap Holdings, and Abu Dhabi-based Apex Investments PSC, a leading diversified investment holding company, have formed a joint venture to build a 16GWh-per-year manufacturing facility for supercap energy storage. This cutting-edge technology surpasses the capabilities of commonly used lithium-ion technology. The joint venture aims to meet the rapidly growing demand for energy storage, driven by the rise of renewable energy, grid balancing, electric vehicle production, and the optimisation of power management and backup systems for industries like data centers. Once operational, this facility will be the largest supercap energy storage manufacturing plant globally and one of the largest energy storage or battery production facilities worldwide
As part of this collaboration, Enercap Energy Holding Limited, the joint-venture, will establish a fully automated 10 GWh/year manufacturing facility in Mussafah Industrial Zone, Abu Dhabi. Additionally, Enercap Energy Holding Limited has agreed to acquire an existing manufacturing facility in Dubai Industrial City (DIC) which will be upgraded to 6 GWh/year capacity. Enercap has a current global demand of over 30GWH of large-scale battery energy storage systems (BESS). Apex Energy Holding Limited will take 65 per cent and Enercap SPV Limited 35 per cent of the share capital in the joint-venture.
Energy storage is a critical element of the energy transition, with electrification and decarbonisation requiring performance which is increasingly beyond the scope of chemical batteries. Supercap energy storage, developed by Enercap in the UAE, meets these demanding requirements - long life, no capacity degradation, safe, environmentally sustainable and recyclable, and with abundant availability of raw materials. Enercap's storage's non-degrading attribute 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, stated, "Stable, predictable, and long-lasting energy storage performance is crucial for scaling renewable energy deployment and replacing fossil fuel-based power generation. Conventional batteries lack the reliability and lifespan needed to attract the investments required for significant advancements in renewable energy storage and the transition to electrification." He added, "Supercap energy storage, developed by Enercap in the UAE, offers the technological leap necessary to accelerate the adoption of renewables, electric transportation, and decarbonization at a critical time. The benefits of supercap storage are driving demand, and we are excited to support Waseem Qureshi and his team in their mission to expand capacity, enabling decarbonisation, electrification, and the shift to supercap-based energy storage."
Enercap technology has demonstrated significantly higher performance compared to lithium-ion batteries. It boasts 2.5 times the energy density and 5 times the power density of lithium-ion. Additionally, it has an exceptionally high cycle life of up to 500,000 cycles, compared to just 5,000 cycles for lithium-ion batteries. Enercap technology operates safely across a wide temperature range from -30°C to +70°C, with no risk of thermal runaway as it eliminates chemical reactions. It also offers a 99 per cent round-trip efficiency, far surpassing the 85 per cent efficiency of lithium-ion batteries. Moreover, Enercap's production facilities are 5 to 10 times more capital efficient than the best-in-class lithium-ion manufacturing plants.
Waseem Ashraf Qureshi, CEO of Enercap Holdings and inventor of the technology, expressed his enthusiasm for the partnership, saying, "We are thrilled about the joint venture with Apex, which will accelerate our global growth and expand our product portfolio to deliver solutions across all applications of energy storage. We believe this is the future of energy storage. From rechargeable AA batteries to mobile phone storage, EV charging stations, and utility-scale storage, we have spent the last five years developing the most advanced energy storage solutions in the world - and now the market is ready to soar."
Supercap energy storage provides efficient solutions that are durable, degradation-free, fast-charging, safe, fully recyclable, and cost-effective. Blackwell further emphasized, "Enercap's proprietary, disruptive technology will play a key role in accelerating global decarbonisation efforts, serving the energy storage, electric vehicle, and consumer markets."
The UAE's unparalleled human capital and infrastructure provide a strong foundation for the continuous development of innovative technologies and products. With a strong emphasis on renewable energy and efficiency, the country offers an ideal environment for innovators and inventors to create solutions to the world's complex energy challenges, rivaling global innovation hubs in the US, Europe, and Asia.
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