BYD signs ‘preferred partnership’ agreement with Masdar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Masdar.

Chinese rechargeable battery, electric transport and clean energy company BYD has been signed up as a “preferred partner” to Abu Dhabi-headquartered Masdar.

Masdar is the UAE’s state-backed initiative for developing future energy solutions, describing itself as an agency to bridge the gap between hydrocarbon-based economies of the past and the energy efficient, renewable future.

The group has signed the agreement with BYD (“Build Your Dreams”), which is increasing its share of the growing EV market in China rapidly. The initial focus of the collaboration will be the promotion of battery-based energy storage and on clean transport. This could include driverless cars for mass transit and a hub for energy storage solutions. 

BYD, which noted investor Warren Buffet famously has a stake in, revealed plans last year to develop as much as 34GWh production capacity for batteries by 2020, rivalling Tesla’s much-vaunted Gigafactory in scale. BYD currently has a market capitalisation of US$19 billion. The company also signed a deal with Swiss engineering giant ABB on developing energy storage technologies in 2014.

The initial areas of focus could be expanded to encompass other technologies, such as utility-scale and rooftop solar panels, LED lights and solar street lights, Masdar said. Masdar has R&D facilities in Masdar City, a planned, sustainable development where incidentally the headquarters of the International Renewable Energy Agency (IRENA) are also based. BYD’s technology will be showcased at the Masdar City R&D hub as well as at Masdar Institute of Science and Technology and at various city locations.

“Today’s agreement is the basis for a long-term partnership that will add further value to the advanced R&D already taking place at Masdar City in Abu Dhabi, and will strengthen the City’s positioning as an ‘innovation ecosystem’ connecting R&D, education, business and investment,” Masdar chief executive Mohamed Al Ramahi said.

“We are looking forward to working with BYD on a range of cutting-edge projects, and to integrating their expertise as we pursue the many growth opportunities in the clean energy sector, particularly in the Middle East & North Africa.”

BYD's general manager for the Middle East and Africa regions, AD Huang, said the company wanted to help bring three “green dreams” to the UAE and wider Middle East: “affordable solar power generation, efficient energy storage and electrified public transportation”.

Read Next

February 23, 2021
Strong installs expected in China, India and other markets as supply chain concerns ease and costs drop further
February 10, 2021
The United Arab Emirates (UAE) is capable of reaching its renewable energy targets thanks to a “robust” development pipeline of solar projects, new research from Rystad Energy suggests.
February 9, 2021
Major ‘Solar Module Super League’ (SMSL) member JinkoSolar has extended its supply chain cooperation with major polysilicon and merchant solar cell manufacturer Tongwei Group, with Tongwei gaining extra gigawatts of mono wafers from JinkoSolar.
February 9, 2021
Major China-based polysilicon producer Xinte Energy is planning the world's single largest polysilicon production complex.
February 4, 2021
Leading solar companies back pledge to develop traceability protocol in the industry's supply chain.
February 2, 2021
Large-wafer size producer Tianjin Zhonghuan Semiconductor (TZS) is to build a new 50GW 210mm (G12) mono-wafer manufacturing hub in Ningxia Hui Autonomous Region at a cost of around RMB12 Billion (US$1.86 billion).

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Solar Media Events
June 15, 2021