Abu Dhabi Future Energy CompanyAbu Dhabi Future Energy Company (ADFEC) has launched the $250 million Masdar Clean Tech Fund in partnership with Credit SuisseCredit Suisse, a leading global bank, and Consensus Business Group (CBG) of the UK.

This initial capitalization will invest in companies with promising cleantech, advanced energy and sustainability-related technologies.

Credit SuisseCredit Suisse and CBG have committed $100 million and $50 million, respectively, to complement the $100 million seed capital committed by the government of Abu Dhabi at the April 2006 inauguration of the Masdar initiative.

'The fund's strategic objective is to attract advanced energy and sustainability-related technologies to Abu Dhabi by leveraging considerable energy expertise and financial resources', stated Sultan Ahmed Al Jaber, CEO of ADFEC.

'It reflects our long-term commitment to meeting the world's growing energy needs in an environmentally-sustainable manner through the development of innovative and sustainable technologies'.

'Credit SuisseCredit Suisse is pleased to partner with both Abu Dhabi Future Energy CompanyAbu Dhabi Future Energy Company and Consensus Business Group on investing in the development and growth of alternative energy sector technologies. We believe that our extensive transaction experience, industry knowledge, strong relationships and access to top-tier investment capital will be a valuable asset to the Masdar Clean Tech Fund, its investors and portfolio companies," said Michael Philipp, CEO of Credit SuisseCredit Suisse for Europe, the Middle East and Africa region. "The Masdar Clean Tech Fund also provides a unique opportunity to partner on a fund whose mandate complements Credit SuisseCredit Suisse's own energy and environment policies.'

Vincent Tchenguiz, Chairman of CBG, commented: 'CBG has been at the forefront of the environmental industry, investing across all stages of the value chain. CBG is planning to scale technology transfer in the environmental sector globally and has been investing in early stage intellectual property as well as late stage and infrastructure projects across the sector. The Masdar initiative provides us with an excellent opportunity to be part of a unique program that will address the Middle East's role in preserving the global environment and creating sustainable alternatives to traditional energy sources. Our role as founding partner in the Masdar Clean Tech Fund signals our commitment to the Masdar initiative and belief that Abu Dhabi will become the alternative energy economy in the region.'

'Masdar is the only comprehensive initiative in the Gulf region dedicated to clean energy and sustainable technologies. Complementing this fund are a special economic zone, an innovation center, a collaborative energy research network spanning 6 global research universities, and core partners who are global leaders in the fields of alternative energy, such as GE, BP, and Shell,' Al Jaber explained. 'This maximizes the fund's ability to select, promote and add value to the most promising companies.'

-Ends-

About ADFEC:
Abu Dhabi Future Energy CompanyAbu Dhabi Future Energy Company (ADFEC) is a private joint stock company incorporated in Abu Dhabi and wholly-owned by the government of Abu Dhabi through Mubadala Development CompanyMubadala Development Company. ADFEC has been mandated to drive the Masdar initiative, champion the adoption of advanced energy technologies, and contribute to the diversification and sustainable growth of the Abu Dhabi economy. The company will also host a 'think tank' that advises the government on the development of new sustainability policies. Within the Emirate of Abu Dhabi, the ADFEC will operate in close coordination with Abu Dhabi National Oil Company (ADNOC)Dhabi National Oil Company (ADNOC), Abu Dhabi Water and Electricity Authority (ADWEA), the Abu Dhabi Environmental Agency, and the Abu Dhabi Education Council, as well as various other government departments.

ADFEC will also host the Masdar Research Network (MRN), a global research network to develop alternative technologies for advanced energy and environmental solutions. The MRN has assembled programs from leading universities and institutes from Asia, Europe, and North America, including RWTH Aachen University, German Aerospace Institute, Columbia University, University of Waterloo, and Imperial College of London, and Tokyo Institute of Technology. The MRN will accelerate innovation in new energy technologies and natural resource-sustaining systems. The research projects will address issues of global importance, affecting the more industrially-developed as well as developing countries.

ADFEC will also develop an innovation center to support the demonstration, commercialization and adoption of sustainable energy technologies, and a special economic zone tailored to hosting institutions that will invest in development and production of renewable energy technologies and products.

About Credit SuisseCredit Suisse:
As one of the world's leading banks, Credit SuisseCredit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit SuisseCredit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit SuisseCredit Suisse is active in over 50 countries and employs approximately 40,000 people. Credit SuisseCredit Suisse's parent company, Credit SuisseCredit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit SuisseCredit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CSR), in New York. Further information about Credit SuisseCredit Suisse can be found at www.credit-suisse.com

In its asset management business, Credit SuisseCredit Suisse offers products across the full spectrum of investment classes, ranging from equities, fixed income, and multiple asset-class products to alternative investments such as real estate, hedge funds, private equity and volatility management. Credit SuisseCredit Suisse's Alternative Investments business, part of its asset management business, is one of the largest alternative asset managers in the world with more than $100 billion of assets under management. Credit SuisseCredit Suisse's asset management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients ranging from governments, institutions, and corporations to private individuals. With offices focused on asset management in 18 countries, Credit SuisseCredit Suisse's asset management business is operated as a globally integrated network to deliver the Bank's best investment ideas and capabilities to clients around the world.

Credit SuisseCredit Suisse has made a strong commitment to combating climate change, as evidenced by its investment in the Fund, and acknowledges that climate change is one of the biggest environmental challenges facing the world, having direct implications for business, politics and society. In addition, the Middle East is one of Credit SuisseCredit Suisse's most important growth markets. Credit SuisseCredit Suisse has been expanding its presence in the region to cater to clients' investment banking, private banking and asset management needs since 1978, when it established an office in Abu Dhabi.

About CBG:
CBG is a multi-faceted principal investor in a broad range of synergistic activities. The core business includes structured finance, the acquisition, management and development of commercial and residential real estate and a substantial investment portfolio focused on new technologies and technology start-ups.
CBG has significant shareholdings in property and property related companies and is now one of the UK's largest private property companies with a £4 billion portfolio of commercial and residential properties.
CBG also has an innovative Financial Engineering capability that is coupled with a global banking network to create a structured finance proposition focused on debt solutions with efficient risk/return profile.
The key area of growth for CBG's business has been its expanding £500 million Technology investment program of companies, specialized funds investment, and IP sourcing; coupled with a substantial business development network that provides CBG with an unprecedented level of access to new technologies, new industry models and economic acceleration resources. CBG has recently taken a substantial stake in Imperial Innovations as well as many other IP companies that are commercializing UK technologies in the environmental sector.

CBG's Key sectors of focus are:

Renewable Energy and clean technologies
Carbon & Emission reduction / Climate change / Environmental solutions
Financial Engineering IP
Medical & Healthcare
Homeland Security
Other technologies

CBG's rapidly growing environmental portfolio encompasses a wide range of technologies and companies that help prevent climate change and contribute towards a 'cleaner, renewable' environment. This portfolio is built on the back of a global deal-sourcing network thus ensuring that CBG is exposed early-on to the most innovative and commercially viable environmental technologies. To date the business has made a substantial number of investments ranging from environmental real estate, funds, and technology start-ups to new carbon related services. This platform will provide a global growth acceleration mechanism of unprecedented scale and reach for proven solutions, as countries are increasingly looking for investments and research capacity in the renewable energy and environmental technology space.

CBG's investment approach addresses all stages of the environmental value-chain with a deep focus on the synergies with other parts of CBG's core business to ensure that CBG capitalises on the growth in the Environmental economy while driving the socially responsible agendas of the global corporate markets.

For further information, please contact
Sultan Al Jaber

For further information, please contact
Gavin Sullivan,
Corporate Communications at
+44 207- 888 8912

For further information please contact
Roger G. Ammoun
Sandra El Rousan
Coordinator
Communications & Administration Department
Mubadala Development CompanyMubadala Development Company
PO Box 45005
Abu Dhabi,
UAE
Tel: +971 2 6160100
Fax: +971 2 6160098

© Press Release 2006

 

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