UAE – Mubasher: Abu Dhabi’s global tech ecosystem Hub71 has launched Hub71+ ClimateTech as a specialist ecosystem dedicated to endorsing and helping startups across the globe, according to a press release.
Meanwhile, the Abu Dhabi National Oil Company (ADNOC) is announced as Hub71+ ClimateTech’s Founding Partner and will be earmarking AED 2.50 million in support of the initiative, which is directed to startups that are developing and deploying sustainable decarbonisation technologies for a net zero future.
The targeted enterprises that operate in the climate space, from pre-seed to Series A, can be part of Hub71+ ClimateTech to accelerate their growth and scale on the global level from Abu Dhabi.
Startups joining the initiative will receive in-kind incentives amounting to AED 250,000 in addition to an initial AED 250,000 cash incentive in exchange for equity from Hub71. High-performing startups, however, are eligible to receive a top-up of up to AED 250,000 in exchange for additional equity.
As part of the designated programme, the startups will be able to leverage the knowledge and expertise of more than 25 corporate and capital partners as well as policymakers who are at the forefront of environmental sustainability.
ADNOC Low Carbon Innovation Team will explore specific capital investment opportunities in eligible startups in compliance with the strategy of ADNOC. Catalyst aims to invest in each startup in the programme while the startups will be eligible for additional investments from e& capital.
Furthermore, Siemens Energy will commit to pilot promising startups solutions as well as mentor breakthrough founders with Hub71+ ClimateTech startups.
The new ecosystem was announced during the 28th UN Climate Change Conference of the Parties (COP28) that is currently taking place in the UAE. It will be located at Hub71 in Abu Dhabi under the jurisdiction of Abu Dhabi Global Market (ADGM).
Deputy CEO of Hub71, Ahmad Ali Alwan, said: “This collaborative ecosystem offers a platform for climate innovators to thrive, with the support of world-class partners committing substantial capital and expertise.”
According to Startup Genome and the Global Entrepreneurship Network, more than 100 ClimateTech startups showed interest to expand to the UAE.
Alwan added: “ClimateTech is not just a pathway to decarbonisation but offers a solid foundation to contribute to a sustainable future for our planet. We are investing in the success of environmentally focused entrepreneurs and collectively empowering ClimateTech startups to scale globally from Abu Dhabi while making a positive impact that will further promote a sustainable future.”
During COP28 event, the region-focused The Arab Petroleum Investments Corporation (APICORP) announced its rebranding as The Arab Energy Fund.