Page 422 - 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
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.

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