€20 million injection for Saudi power rental company
22 August 2022
Energia, a Saudi Arabia-based power rental company, is set for expansion and a boost to its “green” product offering following a SAR 75 million (€20 million) funding injection from finance firm Ruya Partners.
Headquartered in the coastal Saudi city of Jubail, Energia is a provider of rental power, cooling, compressors, tower lights and welding equipment.
The funding will help the company expand into the events and entertainment sectors and the development of a lower emission fleet, including equipment powered by solar hybrid, hydrogen fuel cells, and natural gas.
Energia was founded in 2011 and now has a presence across the Gulf Cooperation Council (GCC) region – which comprises Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman - and the wider Middle East and North Africa region.
Key growth initiatives supported by the investment include sustainable and green energy solutions, in line with the Saudi Vision 2030 on renewable energy.
Shahid Hassan, Energia’s Founder and CEO said; “We are keen to continue gaining market share on the back of our strong reputation for dependability, speed, and execution.
“This partnership will enable us to accelerate our growth plans and engage on new initiatives such as sustainable and green energy solutions that we plan to launch imminently.”
Energia’s recent projects include The Saudi Electric Company National Grid Support Project, Saudi Aramco HUGRS Gas Refinery Critical Power Project, Riyadh Metro Project, Dammam Airport Emergency Power, and events such as Formula 1 and annual enertainment and sports festival Riyadh Season.
Energia’s General Manager, Mohin Shaikh added; “With the support of Ruya Partners, we will be able to strengthen our leadership position in the Kingdom by expanding into the events & entertainment industry and boost our position in the specialised medium voltage power projects.
“Energia will also play an active role in supporting Saudi Vision 2030 on renewable energy as we embark on a journey to provide green energy solutions in solar hybrid, hydrogen fuel cells, and Natural gas.”
Rashid Siddiqi, Founding Partner at Ruya, said the temporary power sector was “critical for the economy and is well positioned to benefit from a robust cyclical growth driven by increased economic activity in infrastructure, construction, oil and gas, events, and tourism.”