Volume of financing for emerging companies in UAE reaches AED110 million in H1 2024
Jul 18, 2024
Abu Dhabi [UAE], July 18: The volume of financing for emerging companies operating in the energy sector based in the UAE reached more than AED 110.2 million by the end of the first half of 2024, according to data from the International Energy Agency (IEA) on early financing for emerging energy companies.
Emerging companies working in energy storage and batteries constituted the largest share of the total financing, with a contribution of about 33.3 percent, followed by solar energy companies with 25 percent, wind energy with 8.3 percent, and other renewable and clean energies collectively making up the remaining 33.3 percent.
The total number of startup companies operating in the energy sector in the UAE reached about 54 by the end of 2023. These companies were divided into 12 in the field of energy storage and batteries, 9 in energy efficiency, 21 in various fields of renewable energy, and 12 in other energy-related sectors.
Source: Emirates News Agency
