Page 409 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/28/24, 9:57 AM Three new companies specialised in clean energy technology join UAE’s NextGenFDI Initiative | Emirates News Agency
The three companies are: Enerflow, a specialist in vanadium flow battery technology, which is promising to

lengthen the lifecycles of rechargeable batteries – from four to ten hours – used in clean-energy
storage;HyGreen Energy, which is developing water electrolysis hydrogen equipment for a variety of

industries, including steel and petrochemical; and Enpower Greentech, which is helping to revolutionise the

battery industry with its solid-state batteries (ASSBs), which have been developed in collaboration leading
automotive OEMs and eVTOL companies globally.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed the addition of the three
companies, and underscored the role the NextGenFDI programme is playing in driving innovation in critical

industries such as clean energy in the UAE.

He said, “The three new members to the NextGen FDI programme have each developed pioneering solutions
that align with the UAE’s vision for a sustainable, low-carbon future. Their involvement in NextGenFDI

underscores our commitment to support strategic investment into high-impact technologies and clean-energy

solutions in particular. This will not only support the expansion and growth of these enterprises, it will enhance
the clean-tech sector in the UAE as a whole and confirm our status as a global leader sustainability and

innovation.”

Since its launch in 2022, the NextGenFDI initiative has sought to attract innovation-led companies from
around the world by offering a range of market-entry benefits, including fast-track set-up and licensing, visa

issuance and access to financial services.
Companies also gain the benefit of the growing NextGenFDI network, through which they can share

knowledge and support expansion into local and regional markets.

Senior representatives of the three companies expressed their enthusiasm for joining the NextGenFDI
initiative. Bo Wang, Chairman of Enerflow, stated, “The United Arab Emirates stands as the perfect gateway

for expanding into key markets across the Middle East and Europe, offering an unparalleled ecosystem and
world-class connectivity. Aligned with our vision for cleaner, more efficient energy solutions, the UAE’s

NextGen FDI programme presents a unique opportunity for collaboration across multiple industries. As a

leader in the vanadium flow battery energy storage industry, we are eager to contribute our expertise to this
dynamic region."

“We are particularly enthusiastic about investing in the UAE, including establishing manufacturing facilities

that will leverage the nation’s advanced photovoltaic infrastructure and robust chemical, petroleum, and
energy production capabilities. Joining the NextGen FDI programme reflects our commitment to fostering

sustainable innovation, hand in hand with the UAE’s progressive energy landscape,” Wang added.

Weiwei Zhang, Secretary of the Board of Directors of HyGreen Energy, confirmed the value of the
NextGenFDI initiative. “We are thrilled to join the UAE’s NextGen FDI initiative and to be able to bring our

green hydrogen expertise to this forward-thinking nation, one whose commitment to clean energy aligns
perfectly with our range of cutting-edge solutions. The support provided by the programme will enable us to

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