Hub71 and Siemens Energy support tech start-ups tackling climate issues
Abu Dhabi’s Hub71 and Siemens Energy have joined forces to support the emirate’s tech start-ups tackling climate change issues, as the UAE strives to achieve its zero emissions goals net by 2050.
The two entities will help CleanTech and ClimateTech start-ups in Abu Dhabi develop innovative technologies that address the challenges of climate change, Hub71 said on Monday.
Hub71 and Siemens Energy will also identify leading CleanTech and ClimateTech start-ups to explore investment opportunities that can accelerate the transition to clean energy.
The partnership reinforces the importance of the energy transition as the world moves towards more sustainable and renewable sources of energy, said Badr Al-Olama, Acting Chief Executive Officer of Hub71.
“The powerful combination of technology and entrepreneurship increases our ability to meet global challenges,” Mr. Al-Olama said.
“Leveraging Siemens Energy’s expertise, we will focus our efforts on attracting leading CleanTech and ClimateTech start-ups to establish a presence in Hub71 so that we can pool our combined efforts to reduce emissions and promote a low-carbon economy.
The agreement comes at a time when the UAE is set to host COP28 in 2023 and is working to meet its commitment to achieve net zero emissions by 2050.
The partnership supports the country’s ability to drive investment in green infrastructure and clean energy projects, both locally and globally.
Abu Dhabi continues to improve its start-up environment, harnessing cutting-edge technology to drive economic growth and inclusion across all sectors.
Hub71, established in 2019, is backed by the government of Abu Dhabi and Mubadala Investment Company, the emirate’s sovereign wealth fund. It is also backed by Adio and Abu Dhabi Global Market, the capital’s financial free zone.
As part of its agreement with Hub71, Siemens Energy will also offer mentorship to selected start-ups by participating in knowledge-sharing platforms, drawing on its expertise in developing clean energy technologies that are sustainable, reliable and efficient. affordable.
“Accelerating the energy transition requires investment, innovation and partnerships. It is through collaboration with sustainability-focused, forward-looking organizations like Hub71 that we will transition faster,” said Kendra Rauschenberger, General Partner at Siemens Energy Ventures.
“We are delighted to work with Hub71 to identify and support start-ups, and to leverage our vast resources in innovation, finance and strategic development, to accelerate and develop the technologies of tomorrow, from today.”
Siemens Energy will explore opportunities to participate in Hub71’s value-driven programs focused on improving market access and fundraising potential. These programs include Ventures Lab, a venture capital builder from Hub71, and Modus Capital, which helps exceptional entrepreneurs turn ideas into market-leading companies.
In addition, Siemens Energy will consider participating in Hub71’s The Outliers program, designed for technology start-ups around the world to solve real industry challenges for businesses and government agencies.
In an effort to increase the number of clean and renewable energy start-ups, Hub71 will accelerate companies referred by Siemens Energy to its incentive program. This offers founders up to Dh500,000 ($136,147) in incentives and benefits, including set-up and operating assistance.
Hub71 has $500 million in available capital and offers incentives such as free housing, offices, and health insurance.
It is now home to more than 170 startups, and those in the pre-seed, seed, and Series A stages have collectively raised more than $67 million.
The tech community startups have generated about $700 million in revenue and created about 1,000 jobs since its inception.
In the first half of 2022, the startups raised $436 million from global investors.
Updated: September 12, 2022, 12:35 p.m.