Around a third of the funding is going to battery companies
UAE energy startups in the first half of 2024 attracted US$30 million, which is more than the amount for 2023 (US$24 million). This is reported by Arab News with reference to the data from the International Energy Agency.
IEA analysts noted that companies involved in energy storage and battery production received the largest share of the total funding, at around 33.3 per cent, followed by operators of solar energy facilities at 25 per cent. Wind energy firms accounted for 8.3 per cent of total funding.
The report also said that by the end of 2023, the total number of startups in the UAE's energy sector will have reached around 54. Of these, 21 companies operate in the renewable energy sector, while 12 companies are involved in energy storage and batteries.
In addition to energy initiatives, UAE startups are also focusing on developing technologies to address issues such as water security.
The increase in funding for startups in the renewable energy sector underlines the UAE's ambition to accelerate the energy transition and achieve carbon neutrality by 2050.
Photo: iStock
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