Chinese battery firm BYD is moving into the middle-east with a deal to bring its lithium-ion energy storage and electric vehicle interests to Abu Dhabi.
BYD has signed a “preferred partner” deal with Masdar, a UAE state-backed initiative for developing clean and renewable energy alternatives in the country.
Masdar chief executive Mohamed Al Ramahi said they were going to work with BYD on a range of ‘cutting-edge projects’ as the company develops business opportunities in the clean energy sector, particularly in the Middle East & North Africa.
These opportunities include affordable solar power generation, efficient energy storage (up to utility scale) and electrified public transport.
The latest move follows a number of developments at BYD which, backed by Warren Buffet, appears to be matching Tesla in its aggressive growth strategy in both energy storage and EV applications.
Last year analysis firm Lux Research predicted BYD would raise its battery output to 34GWh by 2020, more than doubling its current 10GWh capacity. Tesla head honcho Elon Musk has claimed his much-vaunted ‘Gigafactory’ will have a 35GWH output by that time.
Earlier this month BBB reported that BYD was looking to buy its own lithium carbonate mine to buffer itself against rising costs of the material, which has led to one businessman to call for a government enquiry.
In December BYD laid out its intentions in the US by hiring a new director to push its electric vehicle operations in the country— just as Tesla begins the final stages of its ‘Gigafactory’.
