Dubai-based renewable energy company, Amea Power, has successfully secured a $75 million equity funding round from SoftBank Group, a renowned Japanese firm. This marks Amea Power’s first external equity funding since its founding, as it was previously privately funded by AlNowais Investments.
The investment from SoftBank Group opens opportunities for a potential mutual partnership as Amea Power aims to expand its operations in key geographical regions, including the Middle East, South-East Asia, and CIS countries like Kazakhstan, Uzbekistan, and Azerbaijan.
Hussain Al Nowais, the Chairman of Amea Power, considers SoftBank Group’s investment a significant milestone, given the latter’s status as a cornerstone investor in the global energy transition. The funds will accelerate Amea Power’s strategic ambitions, fueling projects in power, water, and green hydrogen sectors, and expanding its presence in target markets.
Amea Power’s expansion aligns with the world’s increasing focus on renewable and alternative energy sources to achieve climate change and sustainability goals. The Middle East and North Africa region, in particular, could obtain over a quarter of its primary energy supply from renewables by 2050, creating substantial job opportunities and reducing carbon emissions.
Opinion:
Amea Power’s successful funding round with SoftBank Group marks a significant milestone for the renewable energy company. With the financial support from SoftBank, Amea Power is well-positioned to accelerate its expansion plans across various regions, contributing to the global push towards achieving net-zero emissions.