Waseem Ashraf Qureshi, Chairman, CEO-CTO, Enercap Holdings PTE LTD

Please share a profile on your field of business and how you came into your current role.

I have always been an enthusiast in electronics and power electronics from a young age, winning a national science award when I was 16 for an Uninterrupted Power Supply (UPS) System. This gave me insight into how rewarding it was to invent something that would help society. This proved to be the starting point of my career and the impetus for the innovations and inventions I have developed over the years.

As of today I am the proud inventor of the world’s most advanced energy storage system, the first ever non-chemical, electrostatic-encapsulated Supercap based energy storage made from graphene to be commercially deployed. We call this technology ENCAP.

My other inventions include a power electronic management system that allows the augmentation and blending of multiple renewable and non-renewable energy inputs called ENSERVER. Another invention of mine, known as BATTERIX is arguably the world’s most energy-dense, environmentally sustainable and safe, non-chemical energy storage system for electrical vehicles, boats, drones and robotics that can charge in under 6 minutes.

I founded Kilowatt Labs in 2015 and then the Infusion Group in 2019. In 2022, we set up a holding company called ENERCAP HOLDINGS. We currently have a Gigafactory within Dubai Industrial City. All of our products are developed, manufactured and exported from Dubai.

What are the challenges you perceive in your field of business and how are you planning to meet them?

Our industry is fortunate to be one of the leading sectors in terms of growth and development. This has meant that there is now an exponential demand from a variety of applications that vary from solar and wind storage, grid based utility storage systems, domestic storage, commercial and industrial applications to electric vehicles and electric vehicle charging.

My technologies are disruptive in all of these industries and the biggest challenge we have faced to date is keeping up with demand for our products, which requires scaling in manufacturing and procurement of raw materials. However, we have been fortunate enough to team up with finance experts such as Burj Capital for capital structuring and fund raising, which assisted us in significantly increasing production capacity. Furthermore, through the introduction of automation and robotics at our plant we have been able to make our manufacturing processes more efficient and cost effective.

Lastly, through a major breakthrough in material science research I made earlier this year, we are now using synthetic graphene, which has reduced any raw material supply scarcity issues.

State three things that you could offer to help incentivise your team in their quest for excellence.

I always say that a mixture of working hard and working smartly are attributes that make leaders excel and make them more effective in the workplace. In addition, as the old adage goes, honesty is always the best policy, and is another motto I live by.

How primed is the UAE as a hub for business and entrepreneurship?

I believe strong and diligent leadership is critical to any organisation’s success. Dubai is a prime example of this. I have personally witnessed how the leadership of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has been centric to the development of Dubai. This has been an inspiration to me personally and I have always shared the example of Shaikh Mohammad with many people, both within my organisation and whenever I am fortunate to travel and meet our partners.

How has your organisation contributed towards the growth of the UAE under your leadership?

We are the most advanced energy storage technology in the world, now supplying many blue-chip companies, projects and organisations across the world. This has enabled us to put the UAE on the global map for disruptive technologies in the power electronics space. We also house the largest research and development in power electronics at our facilities, conceiving and developing cutting-edge technologies that are changing people’s lives all over the world.

What is the growth trajectory you have charted for your organisation over the next five years?

With a current valuation earmarked as being well over the billion dollar mark, we aim to be listed on a major stock exchange very soon. This will allow us to deploy liquidity into further scaling manufacturing and we are currently discussing further Gigafactory’s to be deployed in the US, Spain, Turkey and South Africa.

As a UAE corporate icon, what is the legacy you wish to leave for future managers and team heads at your firm?

I come from a humble background, which has taught me to be grounded in anything I do and to always remember where I came from. I would love my legacy to be that I helped the impoverished across the globe have better access to energy through my technology while sustaining the environment by reducing carbon emission.