Reuters The Oman Investment Authority has invested in US-based electric vehicle battery start-up Our Next Energy (One). Oman’s sovereign wealth fund also signed a strategic co-operation agreement with One to identify potential areas of partnership in energy and battery storage in the sultanate, Oman News Agency reported on Wednesday.
Taken together with parallel plans for the implementation of a raft of Wind IPPs and combined cycle gas turbine (CCGT) power projects, total investment in Oman’s power sector is set to balloon to well over $5 billion over the next six years through to 2030.
The investment round was led by venture capital firm Fifth Wall and Franklin Templeton, according to its website. Oman, the largest non-Opec producer in the Middle East, has been investing heavily in sectors such as renewable energy and tourism in an effort to diversify its economy.
Oman’s sovereign wealth fund also signed a strategic co-operation agreement with One to identify potential areas of partnership in energy and battery storage in the sultanate, Oman News Agency reported on Wednesday. The financial value of the transaction was not disclosed.
Last year, Oman set up a state-owned company, Hydrogen Oman, to oversee the development of hydrogen projects in the country.
Oman, the largest non-Opec producer in the Middle East, has been investing heavily in sectors such as renewable energy and tourism in an effort to diversify its economy. The sultanate is on track to become one of the largest producers of hydrogen in the world by 2030, the IEA said in a June report.
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