Hub71 has signed a partnership with Siemens Energy to identify key cleantech and climate tech startups with the aim to explore investment opportunities that can drive the clean energy transition.
Hub71 and Siemens Energy will support tech startups in developing innovative technologies that directly address global climate change.
The partnership will support the UAE’s ability to drive investments in green infrastructure and clean energy projects both locally and globally.
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.
It will also 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 Program that provides founders with up to Dhs500,000 worth of incentives and benefits including setup and operational support.
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.”
In other news, Hub71 has selected its latest cohort of tech startups. For the next two years, the new cohort will participate in Hub71’s Incentive Program, benefitting from equity-free incentives worth up to Dhs500,000. They will also have access to active investors, corporate, government and academia partners.