HYPR, a new joint venture takes shape
A new era of on demand clean energy has been launched in the UAE, bringing renewable power to where it is needed through a new joint venture, HYPR. The new venture is formed by the leading on-demand refuelling and vehicle services company, CAFU, the largest regional distributed solar energy company, SirajPower, and climate impact investor, Creek.
Through the venture, HYPR will launch its on demand energy systems using innovative battery storage across the UAE. This innovation will mark the first-of-its-kind solution in the region using transportable lithium ion batteries providing customers with a reliable and cost-effective alternative to diesel generators.
HYPR will bring together a range of key strengths from each organisation involved in the partnership. The battery storage systems used by HYPR will be developed by SirajPower, a Creek portfolio company with over 200 solar sites across the UAE.
The new company will also benefit from CAFU’s on demand customer-centric approach combined with its unique routing capabilities and operational expertise in optimizing B2B deliveries, to develop an efficient and seamless customer experience. HYPR will use its own balance sheet to invest in the battery modules so customers can be offered a pay-as-you-go model with no up-front capital requirements.
With the UAE hosting COP28 in 2023 and demonstrating its leadership globally in reducing carbon emissions, investing in and developing measures to tackle the effects of climate change through the UAE’s National Climate Plan, this joint venture will contribute to this important agenda by offering a more sustainable energy source, a press statement indicated.
“Bringing together CAFU, SirajPower and Creek, this venture will bring a new innovative on-demand solution to the market that provides a green and sustainable energy source, thereby committing to meaningful action to help enable a carbon neutral future,” affirmed Rashid Al-Ghurair, Founder & CEO, CAFU. “Through the partnership, we are introducing a fully financed energy storage solution using mobile systems to help customers generate savings and reduce their carbon footprint. As an end-to-end solar service provider, we want to support business through their transition to clean energy,” commented Mohammed Abdulghaffar Hussain, Chairman of Creek and Co-Founder, SirajPower.