The majority of the total financing was directed towards emerging companies specializing in energy storage and batteries.
ABU DHABI – As of the first half of 2024, the volume of financing for emerging energy sector companies based in the UAE surpassed AED 110.2 million, according to data compiled by the International Energy Agency (IEA) on early-stage investments in these enterprises.
Among the various segments within the energy sector, companies focused on energy storage and batteries garnered the largest share of the total financing, contributing approximately 33.3%. Solar energy firms followed closely with 25%, while wind energy companies secured 8.3%. The remaining 33.3% was allocated to various other renewable and clean energy initiatives.
By the end of 2023, the UAE was home to a total of 54 startup companies operating in the energy sector. These enterprises were distributed across different niches, with 12 specializing in energy storage and batteries, 9 in energy efficiency technologies, 21 involved in various facets of renewable energy production, and 12 engaged in other sectors related to energy innovation.
