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With the UAE building the world’s largest solar power plant in Abu Dhabi, now could be the best time to invest in renewable energy. Not surprisingly, many new startups in the United States are capitalizing on this momentum and moving toward a sustainable future. With a similar vision, Wahaj Investment LLC, better known as Wahaj Solar, was founded in September 2017 to produce low-cost solar energy that can be used in a variety of applications. But the Dubai-based startup is looking to break into solar energy in innovative ways, leveraging a patented invention called the Ayman Solar Concentrator (ASC) by its co-founder and managing director Ayman Adnan Al-Maaitah. . Al-Maaitah explained: “The technology is designed to produce low-cost solar energy and store it for use in a variety of applications, including 24/7 modular-scale power generation, solar desalination, green hydrogen production and solar thermal in industrial processes.” “ASC technology is classified as concentrated solar power (CSP) technology, and with the UAE building the world’s largest CSP power plant, it makes sense for me to launch this innovation here.”
But Al-Maaitah pointed out that none of this happened in two weeks. “This business started with a deep understanding of solar energy, including three decades of research and development,” he said. “After successfully testing the laboratory-scale model, a commercial-scale unit was built and tested on Khalifa University’s Masdar Institute solar platform and produced excellent results that exceeded expectations.” Today, Al-Maaitah’s ASC technology has been patented in more than 150 countries, including the United States, China, India, South Africa and some GCC countries. So it’s no surprise that the startup has been able to stay booked and busy despite the impact of the ongoing COVID-19 crisis.
Al-Maaitah revealed: “Despite the delays caused by the epidemic, the company managed to gain an international reputation that qualified it to start receiving orders from some of the most famous solar landmarks in the world.” “Currently, in ASC Technology, NEOM City Technology Following verification and approval by consultants, the final contract for the NEOM City solar desalination plant in Saudi Arabia is being drafted. The project is expected to begin execution this year and is worth approximately US$3.5 million.”
Khalifa University and Wahaj Solar test and validate prototype for concentrated solar power (CSP) industry at Masdar Institute
Al-Maaitah also noted that his company has also signed a letter of intent with the Jordan Phosphate Mining Company (JPMC) to provide solar power for its phosphate dryers. “The first phase of the project is expected to be worth approximately US$12 million, and the second phase is expected to be worth US$36 million,” he added. “In addition, the company will enter into a strategic partnership with UK-based Solar Water PLC to undertake future projects worth approximately US$100 million in the foreseeable future.” With many such multi-million dollar projects coming in, Al -Maaitah is clearly optimistic about the future. But the startup’s success today isn’t without its hurdles. “The biggest one was getting funding to cover the cost of the concept pilot and living expenses,” Al-Maita said. “I probably underestimated the cost of living in Dubai and overestimated the potential to obtain funding for greenfield innovation. However, I managed to hide this with the help of my co-founder (an old friend of mine).”
Wahaj Solar is currently self-funded by its founders, but Al-Maaitah hopes its success so far will attract outside investors to fund his new startup in the future. “Currently, as the company shows clear commercial valuation, I expect investors to help the company achieve accelerated growth,” he concluded.
Related Report: UAE solar developer Yellow Door Energy aims to support emerging economies reliably, efficiently and sustainably
‘TREP TALK: Ayman Al-Maaitah, Co-Founder and Managing Director, Wahaj Solar
Your startup is part of the Mohammed Bin Rashid Innovation Fund (MBRIF) accelerator program. How would you describe your experience with the program?
“The MBRIF Startup Program was a great opportunity for me to enhance my company’s professional profile and valuation. The program allowed me to share some of the challenges I faced with a group of international startups, and I learned from them There is a lot going on. The MBRIF team speaks highly of professionalism and is very keen on helping new startups and providing them with all the support they need. One of the biggest benefits of joining the program is that I learned how to professionally present my company to investors, and how to evaluate it realistically and scientifically. I was also introduced to some interesting investors who have great potential to achieve ultimately great returns. The opportunity to present on an international platform was also something I gained from the MBRIF project A great benefit. In fact, by providing many high-level services and free support, MBRIF has greatly helped me reduce the operating costs of my business. To get such professional help, I would have to spend a lot of money and probably Wouldn’t have gotten the results I got from the MBRIF program and its professional team. I would highly recommend any startup to join the MBRIF program as it will be a huge benefit to young startups.”
Related: Why Middle Eastern SMEs should take a proactive approach to energy management
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