Demand for utility-scale energy storage is growing rapidly across the globe as more renewables integrate into the energy mix. As a result, Enercap and its joint venture partner Apex Investments expect exponential growth of business and manufacturing capacity around the world, its top official says.    

Waseem Ashraf Qureshi, CEO and CTO of Enercap, said the company’s supercap-based energy storage’s non-degrading, long lasting attribute, along with the ability to operate in wide temperatures, allows it to deliver consistent and predictable capacity over its 25-year life cycle, which is essential for the bankability that the market values when making energy storage investments.   

“We are delighted with the joint-venture with Apex which will accelerate our growth throughout the world and expand our product portfolio to deliver solutions in every application where storage is deployed. We believe that this is the future of energy storage,” Qureshi told Khaleej Times during an interview. 

Enercap, founded by Qureshi, is the inventor and manufacturer of supercapacitor-based energy storage, a cutting-edge technology with features that surpass the current lithium-ion technology today. It’s energy storage products and solutions are commercially available and have been deployed globally.  

In September 2024, Enercap and Abu Dhabi-based Apex Investments PSC formed a joint venture to build 16GWh per year manufacturing capacity of supercap energy storage. The joint venture is set to meet exponential growth in demand for energy storage and will be the largest supercap energy storage manufacturing capacity in the world.  

“Energy storage is key technology to decarbonise our environment. It does so by enabling larger penetration of renewable energy in the grid and electrification of mobility and everyday products. Most experts across environment, energy, and sustainability agree on the importance and need for energy storage to decarbonise our environment,” he said.  

Waseem Ashraf Qureshi, CEO and CTO of Enercap, said he is delighted with the joint-venture with Apex which will accelerate the company's growth throughout the world.

To a question about whether Enercap is in talks with Tesla, Chinese EV manufacturers, and other leading automobile and solar energy providers for suppling battery energy storage systems, he said: “Yes. Along with our investors and partners, we are constantly in touch with global players.”  

About his feelings being a Pakistani to innovate a future-driven technology, he said: “I am grateful and proud that as a Pakistani I am able to contribute to solving one of earth’s greatest challenges.” 

Quraeshi, a trailblazing innovator and entrepreneur, said the UAE's unparalleled human capital and infrastructure provide a strong foundation for the continuous development of innovative technologies and products.  

“With a strong emphasis on renewable energy and efficiency, UAE offers an ideal environment for innovators and inventors to create solutions to the world's complex energy challenges, rivalling global innovation hubs in the US, Europe, and Asia,” he said. 

“With UAE as the launchpad, we are evaluating expansion globally including Pakistan where, along with our partner and investor Apex Investments and Burj Capital, we are actively evaluating manufacturing options. The awareness and demand for energy storage is rising in Pakistan and we expect it will reach inflection point in the not-too-distant future,” Qureshi concluded. 

Pakistan Resolution Day Message 

As a country, Pakistan has the talent, capability, and leadership to resolve its issues. We need to set our priorities and pursue those relentlessly. 

— muzaffarrizvi@khaleejtimes.com