Page 412 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/28/24, 9:58 AM Three new companies specialised in clean energy technology join UAE’s NextGenFDI Initiative - GulfToday

The Ministry of Economy has today announced that three companies specialised in clean
energy technology from China and the United States have joined the NextGenFDI
programme, underlining the status of the UAE as a platform for pioneering enterprises and
ideas.

The companies, which specialise in innovative storage and generation solutions, will
contribute to advancing the UAE’s clean-energy goals and support its transition to a more
sustainable, low-carbon economy.

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

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