In a bid to advance international collaboration, energy storage manufacturer Volts UAE Limited and the Azerbaijan Investment Company (AIC) signed a memorandum of understanding (MoU) to establish energy storage production in Azerbaijan and facilitate the entry of Volt 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 COP29. 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.
“We are truly amazed at Azerbaijan’s commitment to building a sustainable, green, carbon-neutral economy, and are pleased to be part of this strategy”, said Vladimir Mlynchik. “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 export products to Central Asia.”
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.
“This year, the Azerbaijani company Turan Energy joined forces with Volts Energy, a subsidiary of the Volts Group, to create specialised company TuranVoltsEnergy, a new entity committed to advancing green energy projects”, said Habib Hasanov, Chairman of TuranVoltsEnergy LLC.
“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 investment opportunities to the country.”
The total investment in the new energy storage facility in Azerbaijan will amount to $20 million, of which $10 million will be provided by AIC and $10 million by Volts UAE.