WAM: Hub71, Abu Dhabi’s global tech ecosystem, has signed a partnership with Siemens Energy AG, one of the world’s leading energy technology companies, to advance CleanTech and ClimateTech in Abu Dhabi.
Working together in collaboration, Hub71 and Siemens Energy will support tech startups in developing innovative technologies that directly address global climate change.
The agreement comes at a time when the UAE is set to host COP28 in 2023 and is reinforcing its commitment towards 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.
As part of the agreement, Hub71 and Siemens Energy aim to identify prominent CleanTech and ClimateTech startups to explore investment opportunities that have the potential to accelerate the clean energy transition. Siemens Energy 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.
Siemens Energy will explore opportunities to participate in Hub71’s value-driven programmes focused on increasing market access and the potential for fundraising. 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 AED500k worth of incentives and benefits including setup and operational support.
Badr Al-Olama, Acting Chief Executive Officer 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 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.”
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 organizations like Hub71 that we will transition faster. We are excited to work with Hub71 to identify and support start-ups, and to leverage our extensive resources in the fields of innovation, finance, and strategic development, to accelerate and the development of tomorrow’s technologies, today.”
Today, Hub71 is home to over 170 startups operating in sectors including CleanTech, HealthTech, EdTech and FinTech which are all essential to future-proofing Abu Dhabi’s economy and ensuring its long-term prosperity. Established on the foundations of partnership and collaboration, Hub71 is working closely with local and global corporate and government organizations to accelerate the growth of tech startups globally from Abu Dhabi.