ID :
101101
Tue, 01/19/2010 - 14:54
Auther :
Shortlink :
https://oananews.org//node/101101
The shortlink copeid
Siemens investing US$50 million in DB Masdar Clean Tech Fund
Abu Dhabi, Jan 19, 2010 (WAM)- Siemens Venture Capital (SVC) is investing US$50 million in the DB Masdar Clean Tech Fund that is being set up by Masdar and Deutsche Bank. The fund will invest primarily in expansion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors. In 2007, Siemens also invested US$25 million 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 expertise."
"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 energy, climate change and sustainable development, many of which may have applicability in Abu Dhabi and the region.
"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 expertise."
"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 energy, climate change and sustainable development, many of which may have applicability in Abu Dhabi and the region.
