Entrepreneur Vladimir Mlynchik started his career working for an energy company before establishing energy storage production company Volts in Russia.
Mr Mlynchik, 35, relocated to the UAE from St Petersburg, when he moved the headquarters of his company to the Emirates at the invitation of an Arab investment company in 2019.
Volts UAE commenced operations in collaboration with Abu Dhabi's Masdar City. By 2023, the company established a showroom in Masdar City and initiated the production of energy storage devices.
“On a global scale, my team and I are building an energy holding company in Abu Dhabi called E2E. I am the founder and a board member of the companies within the holding. This entity manages our assets, and all of our activities are centred around renewable energy,” Mr Mlynchik says.
“We manufacture energy storage systems that accumulate electricity from solar and wind power. As for my role in the holding, I manage assets and create new businesses.”
He currently lives in Abu Dhabi and his educational background includes a degree in electrical engineering and a Master of Business Administration.
Did wealth feature in your childhood? What did you learn from it?
The most significant wealth I had during my childhood was strong family values. Additionally, I come from a family of electrical engineers – my grandfather, father, and mother were all in the field. They taught me a lot, and their experience and knowledge are the true inheritance I received.
My father also ran a business and helped me in the early stages of my career, offering guidance and sharing practical management skills rather than financial support.
How did you first earn?
My first earnings came from a small business I started in my youth. I ordered items from England using a credit card and sold them online. People were willing to pay more for high-quality goods, especially to someone who could handle the complexities of payment and delivery for them.
At the same time, I worked for an energy company, travelling to different sites to perform electrical measurements and various tests. It was complicated but fascinating.
How do you grow your wealth?
I invest all the additional money I earn (except for what I spend on living expenses) in technology companies. In my opinion, it is the most reliable way to grow my wealth.
Are you a spender or a saver?
I’m a spender. I believe it’s much easier to earn a million dollars than to save a million dollars. However, I do have moments of total cost-cutting where I look for ways to optimise expenses, both in my business and personal spending.
I enjoy economics and managing finances. Calculating rates and comparing returns from different investments is my area of expertise.
What has been your best investment?
My best investment was pursuing my MBA. At the time, the cost of the programme was very high for me, but it was worth it. Business education significantly developed me, broadened my horizons, shifted my mindset and provided me with an incredible network of connections.
How do you feel about money?
I don’t stress much about money. I believe it’s important to part with it easily, not to be greedy and to help those around you. In essence, money is just a tool. And if I manage to earn this money, first of all, I must invest it in the development of humanity.
Any financial advice for your younger self?
I would advise my younger self to focus more on understanding how to attract investments for projects. This advice could have helped me avoid certain mistakes, which later cost me significant time and resources to fix.
What luxuries are important to you?
I’m not fond of luxury. For example, I wear Garmin watches to track my heart rate and other health stats because I’m into sports. I don’t need to wear expensive watches.
What I truly enjoy are gadgets and modern technologies. For me, luxury is the ability to invest in developing something new, innovative and exciting.
What are your financial goals?
My goal is to build a sustainable tech company that pays dividends to shareholders annually. In terms of capitalisation, the company should be valued at approximately $100 billion by 2044.
My business partner, our team and I have created a 40-year strategy for our financial goals. The plan contains not only the evolution of our companies but also my role and contributions at the age of 75.
We’ve set a target capitalisation for all our companies, using BP’s $100 billion valuation as a benchmark. We believe that over the next 40 years, we can achieve a similar level of success.