Tellus Power MENA is a joint venture with BinHendi as local investor
Dubai: The UAE has launched a new company to be an infrastructure and technology partner for electric vehicles.
The new company - 'Tellus Power MENA' - brings together BinHendi Holding, China's Sing Family Enterprise Group, and California-based Tellus Power.
The joint venture will enable local manufacturing of advanced EV charging solutions in the UAE, and help speed up adoption of 'bidirectional vehicle-to-grid technologies across the GCC'.
EV brands and local companies have been making significant progress in creating the support infrastructure to help EV owners, whether it's on the charging side or helping with auto loans and insurance.
The UAE Ministry of Investment played a key role in the new venture. The UAE has been working towards creating an environment where automobile manufacturing and support industries can be developed in the country. Recently, Abu Dhabi Investment Office took a major step in this direction.
"The Ministry of Investment was involved from the deal's inception to its conclusion," said a statement.
"Its role included introducing business partners, conducting thorough due diligence, and actively supporting the joint venture negotiations. The Ministry provided strategic investment guidance and served as a crucial connector, linking the involved parties with relevant government entities and free zones to ensure a smooth and efficient setup."
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