Hub71 introduces global startup programme with a focus on climate tech

Abu Dhabi's Hub71 launched Hub71+ ClimateTech to support startups developing sustainable decarbonisation technologies for a net zero future.

Launched during COP28, Hub71+ ClimateTech is a dedicated ecosystem that focuses on carbon reduction technologies and innovative regulatory frameworks. The ecosystem, under the jurisdiction of the Abu Dhabi Global Market, aims to achieve the UAE's Net Zero by 2050 goals, a statement shared on Wamda read.

ADNOC, a founder partner of Hub71+ ClimateTech, has committed $15 billion to carbon, new energy, and climate technology. Other key partners, including Catalyst, e& capital, Siemens Energy, Tabreed, and Abu Dhabi National Energy Company (TAQA), will join Hub71+ ClimateTech as anchor partners.

“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," Ahmad Ali Alwan, Deputy CEO of Hub71, said.

Hub71+ ClimateTech will help pre-seed to Series A climate tech startups accelerate growth and scale globally. Startups receive $68,073.51 in in-kind incentives and an initial $68,073.51 cash incentive in exchange for equity from Hub71. High-performing startups can receive a top-up of up to $68,073.51 in exchange for additional equity.

The programme also provides access to over 25 corporate and capital partners, including ADNOC, Tabreed, Taqa, and Siemens Energy, and policymakers, enabling startups to explore commercial opportunities within a business-friendly regulatory framework and tap into VC partners and investors.

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ADNOC is committing $680,800 to support the initiative, while Catalyst plans to invest in each startup. Further, they will be eligible for additional investment from e&capital. Tabreed and TAQA are also committing $136,147.04 each to pilots with Hub71+ ClimateTech startups. Siemens Energy is committing to pilot promising startups' solutions and mentor breakthrough founders.

Startups participating in a 12-month programme will receive in-kind and cash incentives in exchange for equity from Hub71. The partners will collaborate to explore the future of climate tech, funding availability, and pathways for startups to play a significant role in the journey to net zero.

"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,” he added.