Hub71+ ClimateTech launch

“Hub71+ ClimateTech,” a new ecosystem supporting businesses globally that are pioneering the development and deployment of sustainable decarbonization solutions for a net zero future, has been formally launched by Hub71, Abu Dhabi’s digital ecosystem.

Hub71+ ClimateTech was formed in conjunction with a number of founding and anchor partners that are dedicated to promoting cutting-edge regulatory frameworks and carbon reduction solutions. The announcement was made during the 28th UN Climate Change Conference of the Parties (COP28).

The new, specialized ecosystem will help the UAE achieve its goals of being Net Zero by 2050 and will be housed at Hub71 in the nation’s capital, under the control of Abu Dhabi Global Market (ADGM).

Climate technologies, or “ClimateTech,” assist in mitigating the effects of global warming and lowering greenhouse gas emissions. Startups in the climate area, from pre-seed to Series A, can join the ecosystem as part of Hub71+ ClimateTech to accelerate their growth and scale worldwide from Abu Dhabi.

In exchange for Hub71 equity, startups that join the program will get an initial cash incentive of AED250,000 in addition to bonuses totaling AED250,000.

Moreover, top-performing firms can get an extra AED 250,000 top-up in return for more stock. Additionally, startups will get access to the knowledge and experience of over 25 legislators, corporate partners, and funding providers that are leaders in environmental sustainability. Through these collaborations, businesses will be able to look into business-friendly legislative frameworks for exploring commercial potential and connect with investors and venture capitalists who are interested in making significant investments in ClimateTech.

Hub71+ ClimateTech associates

Hub71+ ClimateTech was founded by ADNOC, whose decarbonization objectives are supported by an initial $15 billion (AED 55 billion) allocation towards low-carbon solutions, new energy, and climate technologies.

Additionally, the following businesses are becoming anchor partners of Hub71+ ClimateTech:

• The first clean technology startup accelerator in the area is called Catalyst.
• e& capital is the investing arm of e& that backs forward-thinking innovative companies and makes investments in people and ideas to create a more promising digital future.
• Leading provider of energy technologies is Siemens Energy.
• District cooling company Tabreed
• One of the biggest listed integrated utility businesses in Europe, the Middle East, and Africa is Abu Dhabi National Energy Company.

ADNOC is providing AED 2.5 million and the chance to conduct particular pilots as a founding partner of Hub71+ ClimateTech to support the project. Furthermore, in line with ADNOC’s vision, the Low Carbon Innovation Team of ADNOC intends to investigate particular capital investment opportunities in qualified firms. Every firm in the program will get funding from Catalyst, and selected startups will also be qualified for extra funding from e& capital.

Abu Dhabi National Energy Company and Tabreed, meanwhile, are each contributing AED 500,000 to test programs with Hub71+ ClimateTech businesses. Siemens Energy is dedicating itself to Hub71+ ClimateTech businesses, piloting innovative company ideas and coaching trailblazing founders.

Startups that join Hub71+ ClimateTech will be enrolled in a 12-month program that includes a customized, industry-specific three-month course to receive expert mentorship, customized guidance, and crucial assistance, with the goal of further accelerating growth. The supporting partners will also work together to investigate the prospects for ClimateTech, the availability of capital for climate-related businesses, and the means by which entrepreneurs might contribute more significantly to the net-zero journey.

“Decarbonization is not the only route to climate technology”

“We recognize that the future will be built on innovative solutions as the world continues its momentum towards climate action,” said Ahmad Ali Alwan, deputy chief executive officer of Hub71. Because startups are at the forefront of utilizing cutting-edge technologies, Hub71+ ClimateTech was established.

Climate innovators can flourish on this cooperative ecosystem thanks to the backing of elite partners who have invested significant resources and knowledge.

“ClimateTech offers a strong foundation to contribute to a sustainable future for our world, not only a means of decarbonization. In addition to enabling ClimateTech companies to grow internationally from Abu Dhabi, we are investing in the success of environmentally conscious businesspeople and creating a beneficial influence that will help advance the cause of a sustainable future.

According to Startup Genome and the Global Entrepreneurship Network, Abu Dhabi has one of the fastest-growing technology ecosystems in the Middle East and North Africa (MENA) and the sixth fastest ecosystem globally. More than 100 ClimateTech startups have already indicated their interest in expanding to the UAE.

The specialized ecosystem will assist the UAE’s Net Zero by 2050 Strategic Initiative and the Abu Dhabi Climate Change Strategy, which seeks to reduce carbon emissions in the emirate by 22% by 2027.