Sharp Minds, a manufacturer of energy storage systems, will expand its retail network this year both locally and abroad, mainly in Erbil (Iraq), Saudi Arabia, and Africa.
The expansion comes two years after the company first launched its patented product in 2014, following three years of research. Antoine Saab, General Manager, said: “The expansion is for the marketing of our innovation, the ‘Energy24’ energy storage system.”
The system has the ability to store electricity generated from solar power, or from the public utility supply, or private generators and transmitting it to users during power outages. Saab said that Energy24 offers a supply of electricity much larger than that supplied by APS and UPS systems.
Local expansion will see the opening of retail shops in Saida, Bekaa, and Keserouan. Investment in both the product line and the retail shops is around ten million. Sharp Minds is in negotiations with a number of banks to obtain additional funding according to the conditions in BDL’s circular 331.
The company’s factory is in Bulgaria where it is able to produce around 10,000 Energy24 units per year.
Energy24 comes in several sizes and is suitable for domestic and industrial use. Saab said that the company has already installed the system in Maghdoucheh village for the purpose of street lighting.
The price of Energy24 starts at $4,000, increasing up to one million dollars. “We expect a huge demand for this innovation because to a large extent, it helps cut power costs,” said Saab.