Siemens investing USD 50 mn in DB Masdar Clean Tech Fund
Siemens Venture Capital (SVC) is investing USD 50 mn in the DB Masdar Clean Tech Fund that is being set up by Masdar and Deutsche Bank. The fund will invest primarily in expan-sion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors. In 2007, Siemens also invested USD 25 mn in the first Masdar Clean Tech Fund.
“We view this as a strategic investment, one that will also strengthen the long-term role of Siemens as a technology partner for Masdar,” says Joachim Kundt, CEO of Siemens in the Lower Gulf region. “In an area with such enormous solar intensity and water shortages, the sustainable use of resources is of existential importance. As a reliable partner, Siemens will continue to assist the sustainable development of this region and support the Masdar-Project with our technological ex-pertise.”
“We are very pleased to have a strong, strategic partner like Siemens taking the lead role in our first closing,” said Dr. Sultan Al Jaber, Masdar's CEO. “Siemens’ global industry and market expertise is of tremendous importance to us, which is why we asked Siemens to act as our technical consultant in addition to being an investor in the fund,” Kevin Parker, Global Head of Deutsche Asset Management and member of Deutsche Bank’s Group Executive Committee added.
The CO2-neutral Masdar City under construction in the emirate of Abu Dhabi will be designed to use only renewable energies and sustainable, low-emission technologies. The DB Masdar Clean Tech Fund is being set up to provide investment support to innovations in the areas of clean en-ergy, climate change and sustainable development, many of which may have applicability in Abu Dhabi and the region.