- Agreement to offer Hub71 startups the opportunity to work closely with global energy experts to advance the clean energy transition.
- The partnership supports the nation’s ability to drive investments in green infrastructure and clean energy projects both locally and globally.
Abu Dhabi’s tech ecosystem – Hub71 – has teamed up with Siemens Energy AG to identify prominent CleanTech and ClimateTech startups and explore investment opportunities that have the potential to accelerate the clean energy transition.
Siemens will also provide select startups with strategic mentorship by participating in knowledge-sharing platforms, building from its expertise in developing sustainable, reliable, and affordable clean energy technologies.
The agreement comes at a time when the UAE is set to host COP28 in 2023 and is reinforcing its commitment to achieving net zero by 2050. The partnership will support the nation’s ability to drive investments in green infrastructure and clean energy projects both locally and globally.
Addressing global challenges
Badr Al Olama, Acting Chief Executive Officer of Hub71, said the partnership with Siemens 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 ClimateTech startups to establish a presence in Hub71 so that we can pool our combined efforts towards reducing emissions and promoting a low carbon economy.”
Fundraising potential
Siemens Energy will explore opportunities to participate in Hub71’s value-driven programs focused on increasing market access and fundraising potential.
These programmes include Ventures Lab, a venture builder by Hub71 and Modus Capital, which helps exceptional entrepreneurs to build ideas into market-leading businesses.
Additionally, Siemens Energy will explore participating in Hub71’s The Outliers programme designed for tech startups worldwide to solve real industry challenges of corporate and government bodies.
In pursuit of increasing the number of clean and renewable energy startups, Hub71 will fast-track companies referred by Siemens Energy to its incentive programme that provides founders with up to AED 500,000 worth of incentives and benefits including setup and operational support.
“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,” Kendra Rauschenberger, General Partner at Siemens Energy Ventures, said.