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