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ENERGY STORAGE-
Apex Energy + Enercap form JV: Apex Energy, a subsidiary of Apex Investments, and French renewables outfit Enercap SPV formed a joint venture, Enercap Energy Holding, to manufacture energy storage solutions and power management systems in the UAE, according to an ADX disclosure (pdf) released on Thursday. Apex will hold a 65% stake in the JV, while Enercap will control 35%.
The details: The new venture will build a 10 GW manufacturing plant in Abu Dhabi’s Mussafah Industrial Zone, branded as Enercap Manufacturing. It will also acquire and develop an existing facility in Dubai Industrial City, increasing its capacity to 6 GW, and rebranding it as ERL Power Industries.
AVIATION-
GCAA + Volar Air to build UAE’s first green aviation hub: The UAE’s General Civil Aviation Authority and Hong Kong-based Volar Air Mobility have signed an MoU to develop the UAE’s first Green Aviation Technology Hub, according to a statement released last week. The hub, the agreement for which was signed on the sidelines of the Advanced Air Mobility Symposium 2024, will support R&D for sustainable aviation technologies and bring together global stakeholders to collaborate.
SOLAR-
OQEP + OQAE collaborate on 35 MW solar project: The upstream unit of Oman’s state-owned global integrated energy group OQ, OQ Exploration and Production (OQEP) is working on developing a 35 MW solar project with OQ’s green energy investment arm OQ Alternative Energy, Oman Daily Observer reported last week. OQEP plans on using solar energy to decarbonize its upstream operations under recently announced plans to float 25% of its equity through an IPO on the MSX. OQEP’s main decarbonization target is oil field Block 60 which it plans on connecting to the national electricity grid by mid-2025.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- GAC Aion launches in GCC: Domasco GAC has launched its new energy vehicle company GAC Aion in the GCC at a Doha event. The company also launched a new EV model named the Aion Y. (Gulf Times)
