Within the framework of COP29, the "Azerbaijan Investment Company" OJSC (AIC) has signed several agreements aimed at advancing projects that contribute to the development of the green economy. These agreements, made in partnership with international stakeholders, are designed to foster sustainable development and innovation in Azerbaijan.

A Memorandum of Understanding was signed with the UAE’s "Volts", an indirect affiliate of "Masdar". This agreement will support the establishment of a production facility for energy storage batteries in Azerbaijan. The total investment in the new energy storage production facility in Azerbaijan will amount to $20 million, of which $10 million will be provided by AIC and $10 million by Volts UAE.

In addition to producing and exporting energy storage units to regional markets, AIC will leverage this partnership to support a wide range of green energy projects that align with Azerbaijan’s sustainable development goals. These project aims to create a reliable, diversified, and renewable energy sector, essential for the country's long-term energy independence.

This initiative is a pivotal step in Azerbaijan's journey toward clean energy and energy sustainability. By fostering expertise in energy storage and renewable technologies, it will contribute to the development of the country’s renewable energy infrastructure, positioning Azerbaijan as a key player in the region's green energy transition. Ultimately, the project will play a critical role in the country’s renewable energy future, supporting its ambition to reduce carbon emissions and ensure a more sustainable energy system for generations to come.