BYD Announces Preferred Partnership Agreement with UAE’s Masdar
On April 12, 2016, the annual Cityscape Abu Dhabi real estate event saw the announcement of a Preferred Partnership Agreement between BYD Company Ltd. and Masdar. The agreement initially focuses on promoting the implementation and commercialization of zero-emission transportation and battery storage systems, potentially expanding to include other sustainable urban solutions like solar panel technology for utility scale and rooftop projects, LED lighting, and solar-powered street lighting.
BYD sees the agreement as a fantastic opportunity to promote its sustainability platform in a pioneering project that is closely aligned with its own view of the future. With a current market capitalization of over $19 billion, the company is one of the biggest in China, and it is also the world’s largest maker of rechargeable batteries. It specializes in batteries for the electronics industry, solar power generation, energy storage and electrified transportation.
Masdar is Abu Dhabi’s renewable energy and sustainable development company which works to advance the development, commercialization and deployment of clean energy technologies and solutions. In 2008, Masdar City broke ground and embarked on a daring journey to develop the world’s most sustainable eco-city. Through smart investments, Masdar City is successfully pioneering a “greenprint” for how cities can accommodate rapid urbanization and dramatically reduce energy, water and waste.
In January 2016, BYD was awarded the Zayed Future Energy Prize in the Large Corporation category, in recognition of its global expansion and mission to promote safer and more environmentally friendly battery technologies, thus contributing to sustainable development in power generation and storage, as well as mass electrified transportation. Winning the Zayed Prize marked the first occasion in which the prestigious award was presented to a Chinese company. BYD’s Chairman and Founder, Wang Chuanfu, had previously been honoured with the Lifetime Achievement Award of the Zayed Future Energy Prize in 2014, for his over 20 years of personal dedication to sustainability and clean technology innovation.
The CEO of Masdar, Mohamed Al Ramahi, stated that “Today’s agreement is the basis for a long-term partnership that will add further value to the advanced R&D already taking place at Masdar City in Abu Dhabi, and will strengthen the City’s positioning as an ‘innovation ecosystem’ connecting R&D, education, business and investment. We are looking forward to working with BYD on a range of cutting-edge projects, and to incorporate their expertise as we pursue several growth opportunities in the clean energy sector, particularly in the Middle East & North Africa.” The Preferred Partnership Agreement will see Masdar City provide a platform to showcase BYD technology and access to ongoing research at the Masdar Institute of Science and Technology, as well as to the many on-going demonstration projects across the City, such as the Personal Rapid Transit (PRT) driverless vehicles program and Electric Energy Storage Solutions Hub.
AD Huang, BYD’s General Manager for the Middle East and Africa, said, “Our partnership with Masdar is an additional source of inspiration to realize new energy and technology solutions that also protect the environment. The agreement will raise our profile in the UAE and the wider Middle East, and help us deliver on our own ‘Three Green Dreams’ for the region: affordable solar power generation, efficient energy storage and electrified public transportation.”
Masdar City’s existing projects and future expansion are on show at a dedicated exhibition stand throughout Cityscape Abu Dhabi, the real estate exhibition and conference running until April 14.
