Siemens Energy and Abu Dhabi's Hub71 Collaborate to Support Cleantech and Climate Tech Businesses
Hub71 has joined forces with Siemens Energy to identify key cleantech and climate tech businesses to explore investment possibilities that will accelerate the clean energy transition.
Hub71 and Siemens Energy will help tech startups create new technologies that directly address climate change.
The partnership will help the UAE drive investments in green infrastructure and clean energy projects domestically and globally.
Siemens Energy will also offer strategic mentorship to a few startups by taking part in knowledge-sharing platforms and using its expertise in developing clean energy technologies that are sustainable, reliable, and affordable.
It will also look into ways to engage in Hub71's value-driven programmes aimed at boosting market access and fundraising. These programmes include Hub71 and Modus Capital's Ventures Lab, a venture builder that assists outstanding entrepreneurs in turning their ideas into market-leading businesses.
Siemens Energy will also consider joining Hub71's The Outliers programme, which is created for tech startups around the world to solve real-world industrial challenges for corporations and governments.
Hub71 will fast-track companies suggested by Siemens Energy to its Incentive Scheme, which gives founders up to Dhs500,000 in incentives and benefits, including setup and operational support, to increase the number of clean and renewable energy startups.
Badr Al-Olama, the acting CEO of Hub71, said:
“Our partnership with Siemens Energy reinforces the importance of energy transition as the world pivots towards more sustainable and renewable energy sources.
“The powerful combination of technology and entrepreneurship raises our ability to address global challenges and, by capitalising on the expertise of Siemens Energy, we will focus our efforts to attract leading cleantech and climate tech startups to establish a presence in Hub71 so that we can pool our combined efforts towards reducing emissions and promoting a low-carbon economy.”
Kendra Rauschenberger, general partner Siemens Energy Ventures, said:
“Accelerating the energy transition requires investment, innovation, and partnership. It is through collaboration with sustainability-focused and forward-looking organisations like Hub71 that we will transition faster. We are excited to work with Hub71 to identify and support startups and to leverage our extensive resources in the fields of innovation, finance, and strategic development to accelerate the development of tomorrow’s technologies, today.”
Source: Gulf Business