- Hodler Investments and EHC Investment recently announced that they will be collaborating on a new project called NEXGEN that will turn wasted energy like flared gas into renewable energy sources.
- This energy will be used to set up a digital energy market and power data centers across the UAE, Egypt, and KSA.
Dubai’s Hodler Investments and Abu Dhabi’s EHC Investment are joining hands to launch a new project called NEXGEN that will turn wasted energy, like flared gas, into renewable energy sources to power data centers across UAE, Egypt, and KSA.
In simple terms, this project will monetize wasted energy and use that to establish a compliant digital energy market that will supply vital infrastructure. It has three main goals – to reduce carbon emissions, host global data center operators and contribute to the Digital Energy Infrastructure (more on that later)
What Do the Companies Have to Say About This?
Addressing the partnership, Moustafa Rashad, Chief Executive Officer of EHC Investment stated “Our partnership with Holder Investments will solve various challenges facing the energy sector in MENA.”
He further added that there’s a significant gap in renewable funding. However, their collaboration will combine capital with modern technology to foster decarbonization and boost the renewable energy sector.
- Ali Al Gebely, Managing Director of EHC Holding, also added that considering the growth the MENA region is going through right now in terms of the digital economy, this is the perfect project for them right now. It supports their efforts to transition to clean energy for a sustainable future.
- Ahmed Ebrahim, Managing Director of Hodler Investments made a statement saying he believes that this project will revolutionize the way modern data centers run, paving the way for remote data mining farms like bitcoin mining, edge computing, AI, and other critical computing applications.
- Apart from this partnership, Holder Investments has plans to create a $500 million Digital Energy Infrastructure (DEI) Fund in collaboration with Gewan Holdings. The purpose of this fund is to invest in energy infrastructure projects that can boost the growth of the digital economy.
- Alaa Al Ali, Founder & Group CEO, of Gewan Holding addressed this project and said that they are proud of their collaboration with Hodler Investments and the DEI project. At a time when they are trying to streamline sustainable capital to boost decarbonization projects in the region, such an initiative is much welcome.
UAE’s Stance On Decarbonization
It’s no secret that the UAE is a strong supporter of the decarbonization initiative. In fact, over the last 15 years, it has invested more than $40 billion in clean energy projects.
Another $16.8 billion investment has gone into building and maintaining green infrastructure through renewable energy projects across 70 countries. Most of these are developing nations.
Last but not least, it has invested over $400 million in aid and loans for other clean energy projects.
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