- More than 25 policymakers, corporate and capital partners commit to promoting startup growth that supports the realization of the UAE’s Net Zero by 2050 ambitions
Abu Dhabi, UAE – Hub71, Abu Dhabi’s global tech ecosystem, today announces the launch of Hub71+ ClimateTech, a specialist ecosystem to support startups worldwide that are advancing the development and deployment of sustainable decarbonization technologies for a net zero future.
Announced during the 28th UN Climate Change Conference of the Parties (COP28), Hub71+ ClimateTech has launched with several founding and anchor partners committed to carbon reduction technologies and fostering innovative regulatory frameworks. The new dedicated ecosystem will be based at Hub71 in the UAE’s capital under the jurisdiction of Abu Dhabi Global Market (ADGM), supporting the realization of the UAE’s Net Zero by 2050 ambitions.
Climate technologies (ClimateTech) help reduce greenhouse gas emissions and address the impact of global warming. As part of Hub71+ ClimateTech, startups worldwide operating in the climate space, from pre-seed to Series A, can join the specialist ecosystem to accelerate their growth and scale globally from Abu Dhabi. Startups joining the program will receive AED 250,000 worth of in-kind incentives and an initial AED 250,000 cash incentive in exchange for equity from Hub71. In addition, high-performing startups are eligible to receive a top-up of up to AED 250,000 in exchange for additional equity. Startups will also be able to leverage the knowledge and expertise of more than 25 corporate and capital partners and policymakers who are at the forefront of environmental sustainability. These partnerships will enable startups to explore commercial opportunities within a business-friendly regulatory framework and tap into VC partners and investors looking to make impactful investments in ClimateTech.
ADNOC, whose decarbonization plans are backed by an initial allocation of $15 billion (AED55 billion) towards low-carbon solutions, new energies, and climate technologies, is a Founding Partner of Hub71+ ClimateTech. Catalyst, the region’s first clean technology startup accelerator; e& capital, the investment pillar of e& that supports visionary tech businesses and invests in ideas and people to build a brighter digital future; Siemens Energy, one of the world’s leading energy technology companies; Tabreed, the world’s leading district cooling provider; and Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utility companies in Europe, the Middle East and Africa region are joining Hub71+ ClimateTech as Anchor Partners.
As a Hub71+ ClimateTech Founding Partner, ADNOC is committing AED 2.5 million and the opportunity to run specific pilots to support the initiative. In addition, ADNOC Low Carbon Innovation Team will explore specific capital investment opportunities in eligible startups aligned with ADNOC’s strategy. Catalyst is planning to invest in each startup in the program and startups will be eligible for additional investments from e& capital. In addition, Tabreed and TAQA are committing AED 500,000 each to pilots with Hub71+ ClimateTech startups. Siemens Energy is committing to pilot promising startups solutions and mentor breakthrough founders with Hub71+ ClimateTech startups.
To further accelerate growth, startups joining Hub71+ ClimateTech will enroll in a 12-months program, including a customized and sector-specific three-month course to receive expert mentorship, tailored advice and critical support. Additionally, the supporting partners will collaborate to explore the future of ClimateTech, funding availability for climate ventures and pathways for startups to play a more significant role in the journey to net zero.
Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “As the world continues its momentum towards climate action, we recognize the future will be built on innovative solutions. Startups are at the forefront of harnessing breakthrough technologies, so we created Hub71+ ClimateTech. This collaborative ecosystem offers a platform for climate innovators to thrive, with the support of world-class partners committing substantial capital and expertise. ClimateTech is not just a pathway to decarbonization 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.”
Hub71+ are specialist ecosystems developed by Hub71, Abu Dhabi’s global tech ecosystem, dedicated to advancing specific technology sectors. Over 100 ClimateTech startups have expressed their interest to expand to the UAE, reflecting Abu Dhabi’s attractiveness as one of the fastest-growing technology ecosystems in the Middle East and North Africa (MENA) region and sixth fastest globally, according to Startup Genome and the Global Entrepreneurship Network.
The specialist ecosystem will support the Abu Dhabi Climate Change Strategy, which aims to achieve a 22 per cent reduction in carbon emissions in the emirate by 2027, in supporting the UAE’s Net Zero by 2050 Strategic Initiative.
ClimateTech startups can apply here now to join Hub71+ ClimateTech and benefit from Hub71’s range of incentives and value-creation programs that support the growth of startups.
Hub71 has onboarded additional government, corporate, capital, and talent partners with specific roles to form Hub71+ ClimateTech, including:
- ADNOC - committing financial support of up to AED 2.5 million, pilots with eligible Hub71+ ClimateTech startups, ongoing mentorship and potential additional capital investments in eligible Hub71+ ClimateTech startups.
Policy Makers – establish policies and frameworks to test and develop ClimateTech solutions
- Ministry of Climate Change and Environment, Ministry of Energy and Infrastructure, Ministry of Industry and Advanced Technology, Department of Energy – Abu Dhabi, and Abu Dhabi Global Market
Corporate Partners – facilitate proofs-of-concept and market access by deploying resources, expertise and industry experience
- Siemens Energy - joining as anchor partner
- Tabreed - joining as anchor partner and committing AED 500,000 to pilots with Hub71+ ClimateTech startups
- TAQA - joining as an anchor partner and committing AED 500,000 toward pilots with Hub71+ ClimateTech startups
- ADQ, Aldar, Emirates NBD, FAB, Masdar City, Mubadala
Capital Partners – commit investment toward piloting projects and funding Hub71+ ClimateTech startups
- Catalyst - joining as anchor partner and committing to investment in each startup while granting startups office space at Catalyst HQ as well as offering resources, mentorship and collaborations on proofs-of-concept.
- e& capital – joining as anchor partner and will provide support to the program and its startups in various ways. This includes a commitment to invest in ClimateTech startups from the program that align with e& capital's investment mandate, particularly Series A/B companies.
- Eiffel Investment Group, Global Ventures, Investible, Mizmaa Ventures, Target Global and VentureSouq
Global Technology Partner – provide global and local ecosystem access in addition to cloud infrastructure support
- Microsoft – hosting an iteration of the GrowthX accelerator program specifically targeting ClimateTech startups, as well as supporting Hub71 startups with cloud services
Venture Builder – collaborate with founders to create new and viable ClimateTech companies
- Future Arc – global venture builder assisting corporates, governments and startups to launch sustainable new concepts, unlock revenue and disrupt sectors
Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
For more information visit www.hub71.com and follow us on @Hub71AD #Hub71.
For Hub71: Deema Abou Baker, TechHubEdelman@Edelman.com