With headquarters in Dubai, leading energy storage technology company Enercap Holdings has reported a year of noteworthy successes and steady expansion.
“The company aims to raise the UAE flag on the global technology landscape and put the country on the list of battery-producing countries,” stated Waseem Ashraf Qureshi, Chairman of Enercap. We exported $10 million worth of battery cells last year. We expect our exports to reach $60 million in 2024 because we are seeing an increase in the market for our goods.
He continued, “We are planning to set up a new facility in the UAE with an investment worth $60 million,” about the company’s expansion strategy. In order to construct the facility and solidify the UAE’s position as a leader in global technology, we are currently in the early stages of seeking additional funding from possible investors.
“We recently signed a significant partnership with a capital company to prepare us for the launch of IPO,” Qureshi said in reference to Enercap’s possible initial public offering (IPO). We want to go public either at the end of this year or at the beginning of next year. Enercap is creating energy storage solutions to lower carbon emissions and satisfy the strict requirements of the energy transition.
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