Funding for startups in the UAE’s renewable energy sector has reached a new high, highlighting the country’s efforts to accelerate its energy transition and align with its net-zero emissions by 2050 goals.

This information is drawn from the International Energy Agency’s latest report, which is based on data from Crunchbase, covering approximately 3.5 million startups globally, including 72,000 in the energy sector.

The report revealed that investor confidence in UAE’s energy startups surged, with $30 million secured in the first half of 2024, surpassing the $24 million raised throughout 2023.

Energy storage and battery companies received the largest share of this financing, accounting for approximately 33.3%, followed by solar energy firms at 25%.

Additionally, UAE wind energy firms accounted for 8.3% of the total financing in the first half of 2024, while companies in renewable and clean energy technologies made up the remaining 33.3%.

The report also indicated that the total number of startups in the UAE’s energy sector reached nearly 54 by the end of 2023. Among these, 21 are focused on renewable energy, 12 on energy storage and batteries, and nine on energy efficiency. The remaining 12 startups operate in other energy-related sectors.

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