Abu Dhabi-based investment company ADQ has formed a partnership with Eni, a global energy technology firm headquartered in Rome, Italy. This collaboration aims to explore strategic areas of cooperation to strengthen supply chains for critical minerals, which are essential for the energy transition

The agreement focuses on potential investments across Africa, North America, and Central Asia. Both companies will investigate opportunities and synergies throughout the entire critical and strategic minerals value chain, which includes mining, refining, processing, and downstream applications. They will also assess the feasibility of establishing refining and processing facilities in the United Arab Emirates, Italy, and other strategic locations.

According to the International Energy Agency, the demand for critical minerals could see a sixfold increase by 2050. This surge is driven by the growing adoption of clean energy technologies, such as electric vehicles, wind turbines, solar panels, and energy storage systems. These technologies heavily rely on minerals like lithium, cobalt, nickel, and rare earth elements for their production.

Hamad Al Hammadi, deputy group chief executive officer of ADQ, emphasized the importance of maintaining a stable and resilient supply of critical minerals. He noted that this stability is crucial for enabling the development of technologies that facilitate the transition to cleaner energy. Through the Memorandum of Understanding (MoU) with Eni, ADQ aims to combine expertise and capabilities to create impactful projects that ensure the availability and affordability of these critical resources.

Claudio Descalzi, chief executive officer of Eni S.p.A, highlighted that the agreement with ADQ exemplifies their shared commitment to a sustainable energy future. He stated that this partnership will enable both companies to develop initiatives in key areas essential to the energy transition, demonstrating a dedication to driving technological advancement and contributing to global energy security.

Eni operates in 62 countries and aims to play a significant role in ensuring energy security while leading the energy transition. The company has set a goal of achieving carbon neutrality by 2050, focusing on decarbonizing its processes and products. To support this goal, Eni invests in research and development of technologies that can accelerate the shift to sustainable energy.

This new partnership with Eni enhances ADQ’s existing investments in the sector, including a recently established 50-50 joint venture with Orion Resource Partners, which specializes in metals and materials crucial for sustainable economic growth and the energy transition.