Solar Water raises $200 million for sustainable water projects in the Middle East
More than US$200 million has been raised to help end water shortages in the Middle East using solar power. UK-based Solar Water Plc hosted a signing ceremony at the UK Pavilion at Expo 2020 Dubai to celebrate raising the investment from global corporate financier, The Gideon Group.
Solar Water uses the sun's energy for desalination systems, creating fresh water from seawater and providing scalable and sustainable supplies of potable or fresh water that is planet-friendly, has zero carbon emissions and can operate 24/7.
The signing ceremony was hosted by Simon Penney, the UK Trade Commissioner for the Middle East and Consul General in Dubai and was attended by representatives from the UK Department for International Trade (DIT), along with business and government dignitaries from the region.
Solar Water provides a solution for governments, municipalities and water utilities that require fresh or potable water generation to meet the water requirements for a growing population and rapidly expanding socio-economic development ambitions, while current water supplies, such as underground aquifers, continue to diminish and degrade.
It comes at a time when leaders, nations, cities and industries have committed to net zero carbon targets in the coming decades, and with traditional solutions creating an expanding carbon footprint by burning fossil fuels, Solar Water can now solve this conundrum with its affordable, sustainable, 100% zero carbon process.
With its first CSP dome system already commissioned in the eco-friendly city of NEOM in Saudi Arabia, Solar Water is currently in talks to deploy its green technology solution in over 30 markets worldwide, with contracts and projects agreed and/or pending in Jordan, Qatar, UAE, Egypt and beyond.
Simon Penney, Her Majesty's Trade Commissioner for MEAP and Consul General in Dubai, said: "Here in the Middle East, UK innovations are helping to accelerate the region's shift from fossil fuels to renewables. We are delighted that Gideon Group and Solar Water Plc have partnered to deliver green technology at scale in the region. By working together, countries and companies can develop zero emission solutions faster, increase economies of scale and reduce costs more quickly. Following COP26 in Glasgow in the UK, the time has come for us to work ever more closely together to help shape a greener, cleaner and more prosperous future."
Solar Water CEO David Reavley said: "Our partnership with Gideon Group underpins and enables the deployment of our innovative green technology to solve the water scarcity crisis and mitigate climate change. Having recently attended events such as the Saudi Green Initiative, COP26 and now Expo 2020, it is clear that the region is leading the way in green technology and sustainability solutions. We are proud to be committed to a green and sustainable water future and look forward to a long and successful partnership with the region."
Salman Khan, CEO of Gideon Group, added: "We are excited about our partnership with Solar Water, not only because it gives us the opportunity to finance much needed water projects within the GCC region, but because Solar Water's GreenTech technology allows us to do so in a sustainable and environmentally friendly manner."
Text, photos and video: Dubai Expo 2020.
