Financing for UAE-based emerging companies operating in the energy sector reached more than AED 110 million by the end of the first half of 2024, the latest data showed.
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, according to data from the International Energy Agency (IEA).
Wind energy accounted for 8.3 percent of total financing, while other renewable and clean energies collectively making up the remaining 33.3 percent, the IEA data showed.
The total number of startup companies operating in the energy sector in the UAE reached about 54 by the end of 2023.
These companies comprised 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.
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