Leading refuelling and vehicle services company Cafu has joined hands with top regional distributed solar energy company SirajPower and climate impact investor Creek to set up a new venture, HYPR, for smooth distribution of renewable power.
The venture marks another step forward in providing renewable energy solutions as an alternative to polluting diesel generators.
With the UAE hosting COP28 in 2023 and demonstrating its leadership globally in reducing carbon emmisions, investing in and developing measures to tackle the effects of climate change through the UAE’s National Climate Plan, this joint venture will contribute to this important agenda by offering a more sustainable energy source.
The new venture, HYPR will launch its on-demand energy systems using innovative battery storage across the UAE.
This innovation will mark the first-of-its-kind solution in the region using transportable lithium ion batteries providing customers with a reliable and cost-effective alternative to diesel generators, said the JV partners in a statement.
HYPR will also bring together a range of key strengths from each organisation involved in the partnership.
The battery storage systems used by the firm will be developed by SirajPower, a Creek portfolio company with over 200 solar sites across the UAE.
The new company will also benefit from Cafu’s on demand customer-centric approach combined with its unique routing capabilities and operational expertise in optimizing B2B deliveries, to develop an efficient and seamless customer experience.
HYPR will use its own balance sheet to invest in the battery modules so customers can be offered a pay-as-you-go model with no up-front capital requirements.
Cafu Founder & CEO Rashid Al Ghurair said: "As a responsible business, contributing towards a sustainable world is very important to us, and we are committed to developing and supporting disruptive solutions that will help mitigate the impact on our environment."
"Bringing together CAFU, SirajPower and Creek, this venture will bring a new innovative on-demand solution to the market that provides a green and sustainable energy source, thereby committing to meaningful action to help enable a carbon neutral future. In our endeavours to become a fuel agnostic company, it is collaborations such as HYPR that will accelerate sustainable future to become a reality today," he added.
Creek Chairman and SirajPower Co-Founder Mohammed Abdulghaffar Hussain said this joint platform will help improve and address some of the recurring challenges experienced by businesses in the construction and industrial sectors when connection to the grid is not a viable option.
"SirajPower’s successful Solar-as-a-Service model for decentralized solar projects will be adapted to Hypr’s On-demand Solar Energy Systems," he noted.
"Through the partnership, we are introducing a fully financed energy storage solution using mobile systems to help customers generate savings and reduce their carbon footprint. As an end-to-end solar service provider, we want to support business through their transition to clean energy," he added.-TradeArabia News Service