Abu Dhabi – Mubasher: Apex Energy Holding Limited, a wholly owned subsidiary of Apex Investment Company, and Enercap SPV Limited have agreed to form a joint venture (JV).
The two entities will team up to establish Enercap Energy Holding Limited LLC, an Abu Dhabi Global Market (ADGM) registered Company, according to a bourse filing.
Apex Energy will acquire a 65% stake in the JV’s shares, while and Enercap SPV will have the remaining 35% equity.
The new company is set to produce manufacture and provide energy storage solutions and power management systems to meet the complex demands of renewable based systems and electrification.
Enercap Energy Holding committed to set up a new 10-gigawatt manufacturing facility in Mussafah Industrial Zone Abu Dhabi, under the name of Enercap Manufacturing LLC. It also agreed to acquire an existing manufacturing facility in Dubai Industrial City (DIC), which will be upgraded to 6-gigawatt.
In the first half (H1) of 2024, Apex Investment turned profitable at AED 23.01 million, against net losses valued at AED 198.81 million in H1-23.
