On November 15, 2024, energy storage manufacturer Volts UAE Limited and the Azerbaijan Investment Company (AIC) signed a memorandum of understanding to establish energy storage production in Azerbaijan and facilitate the entry of Volts UAE’s products into new markets.

Vladimir Mlynchik, chairman of the Board of Volts UAE, met with AIC representatives to sign the partnership agreement at the UN Climate Change Conference (COP29) held in Baku, Azerbaijan. Under this agreement, AIC plans to provide funding and local support for Volts UAE to create a large-scale assembly and manufacturing facility in Azerbaijan for industrial and home energy storage systems.

Vladimir Mlynchik, Chairman of the Board of Volts UAE Ltd, said the following: “We are truly amazed at Azerbaijan’s commitment to building a sustainable, green, carbon-neutral economy, and are pleased to be a part of this strategy. From our perspective, the country is already a regional leader in the integration of advanced green technologies. So, we plan to build a facility for large-scale assembly of industrial and home storage systems to serve the Azerbaijani market and to export products to Central Asia.”

In addition to producing and exporting energy storage units to regional markets, Volts UAE will support green energy projects that aim to achieve Azerbaijan’s sustainable development goals and create a reliable renewable energy sector. This approach will contribute to the country’s transition to energy independence and help it gain expertise in the field of energy storage.

Habib Hasanov, Chairman of TuranVoltsEnergy LLC: "This year, the Azerbaijani company Turan Energy joined forces with Volts Energy, a subsidiary of the Volts Group, to create specialized company -  TuranVoltsEnergy, a new entity committed to advancing green energy projects. Previously, both companies effectively collaborated as a consortium, bringing to life Azerbaijan’s National E-Mobility Plan, and they continue to enhance that success. With Volts, a leading manufacturer of energy storage solutions, joining the coalition, Azerbaijan’s energy transition is now more achievable than ever. We believe that synergy created by this partnership will facilitate cutting edge technology transfer and bring more invest opportunities to the country."

The total investment in the new energy storage production facility in Azerbaijan will amount to $20 million, of which $10 million will be provided by AIC and $10 million by Volts UAE.

Ulvi Mansurov, Executive Director of AIC:

"At AIC, our goal is to increase the share of clean energy in Azerbaijan’s energy mix and foster local investment and economic growth through innovative green technologies. We are committed to environmental stewardship, economic development, and paving the way for a greener, more sustainable future for Azerbaijan."

About Volts UAE Ltd.

Founded in Abu Dhabi in 2019 by enterprising engineers, Volts UAE Ltd. commenced operations in collaboration with Masdar City. By 2023, the Company had not only established a showroom but also initiated extensive production of energy storage devices, marking itself as the pioneering manufacturer of such products in the Middle East.

Link: https://www.volts.world

About Azerbaijan Investment Company

AIC makes long-term investments by purchasing shares and stakes in the authorized capital of companies and commercial organizations operating in the Azerbaijani market. The company is engaged in attracting local and foreign investments into the country's economy and contributing to the development of the country's capital market. Priority areas for cooperation are heavy industry, pharmaceuticals, food industry, processing of agricultural products, logistics, and alternative energy.

Link: https://www.aic.az/az