UAE’s Masdar to invest $1.2 billion in British battery storage tech

LONDON :The United Arab Emirates’ state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday.

“We are committed… to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions,” Jameel Al Ramahi told the International Energy Week conference.

Masdar bought UK-based battery company Arlington Energy last year.

Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA).

($1 = 0.8310 pounds)


Source: Reuters