News

Tesla Batteries Store Sun’s Power At World’s Biggest Solar Farm In Dubai

The Solar Park currently generates around 1 MW of electricity, but DEWA aims to expand it to 5 GW by the end of this decade.

Published

3 years ago

September 30, 2021

David Morelo

tesla batteries store sun's power at world's biggest solar farm in dubai

DEWA

While there’s no shortage of hot sunny days in the MENA region and the United Arab Emirates in particular, it’s not enough to harness the sun’s energy using solar panels. The generated energy has to be stored somewhere so that it can be utilized when needed, instead of only when the sun is shining. That’s why the Dubai Electricity and Water Authority (DEWA) and Tesla have joined forces to install a Tesla battery energy storage system (BESS) at the Mohammed bin Rashid Al Maktoum Solar Park, one of the world’s largest renewable projects in the world.

“The energy storage project using Tesla’s lithium-ion battery solution at the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, aims to diversify the energy mix and enhance energy storage technologies,” said DEWA managing director and CEO Saeed Mohammed Al Tayer.

tesla batteries in dubai solar farm

Another goal of the pilot project is to evaluate the technical and economic capabilities of the technology and to test its role in the integration between clean energy and energy storage to achieve maximum efficiency and reliability.

Currently, the Mohammed bin Rashid Al Maktoum Solar Park can generate around 1 MW of electricity, but DEWA aims to expand it to 5 GW by the end of this decade. To put the number into perspective, a typical nuclear reactor produces approximately 1 GW of electricity.

Also Read: Scientists Discover Bacteria That Makes Toxic Water Safe To Drink

DEWA is also working on other renewable projects, testing a sodium sulphur (NaS) energy solution and developing a 250 MW pumped-storage hydroelectric power station.

Together, these renewable projects aim to realize the Dubai Clean Energy Strategy 2050, whose goal is to produce more than 75 percent of Dubai’s energy requirements from clean, renewable sources to significantly reduce the city’s carbon footprint in the world.

Related Topics:Dubai Tesla United Arab Emirates

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.