Hub71 announces climatech focused program for startups
The announcement made during the COP28 includes funding, mentoring and prizes.
Hub71 is launching Hub71+ ClimateTech program, a specialist ecosystem to support startups worldwide that are advancing the development and deployment of sustainable decarbonization technologies for a greener future.
Announced during the 28th UN Climate Change Conference (COP28), Hub71+ ClimateTech has launched with several founding and anchor partners committed to carbon reduction technologies and innovative regulatory frameworks. The new ecosystem will be based at Hub71 in the UAE’s capital under the jurisdiction of Abu Dhabi Global Market (ADGM).
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 ($68,000) worth of in-kind incentives and an initial $68,000 cash incentive in exchange for equity from Hub71.
In addition, high-performing startups can receive a top-up of up to $68,000 in exchange for additional equity. Startups will also leverage the knowledge and expertise of more than 25 corporate and capital partners and policymakers at the forefront of environmental sustainability. These partnerships will enable startups to explore buisness opportunities 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 towards low-carbon solutions, new energies, and climate technologies, is a Founding Partner of Hub71+ ClimateTech.
Catalyst, the clean technology startup accelerator; e& capital, the investment pillar of e& that supports tech businesses and invests in ideas and people to build a brighter digital future; Siemens Energy, Tabreed, the 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.
ADNOC is committing AED 2.5 million ($680,789)and the opportunity to run specific pilots to support the initiative. In addition, the 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 ($136,158) each to pilots with Hub71+ ClimateTech startups. Siemens Energy is committing to pilot promising startup solutions and mentor breakthrough founders with Hub71+ ClimateTech startups.
Startups joining Hub71+ ClimateTech will enroll in a 12-month program, including a customized and sector-specific three-month course to receive expert mentorship, tailored advice, and practical support.