Following Siemens’ previous $25m investment in the first Masdar Clean Tech Fund in 2007, Siemens Venture Capital (SVC) is to invest $50m in the Deutsche Bank Masdar Clean Tech Fund that is being set up by Masdar and Deutsche Bank.
The new fund will invest primarily in expansion and later stage companies in the clean energy, environmental resources and energy and material efficiency sectors.
‘We view this as a strategic investment, one that will also strengthen the long-term role of Siemens as a technology partner for Masdar,’ said Joachim Kundt, CEO of Siemens in the Lower Gulf region.
‘In an area with such enormous solar intensity and water shortages, the sustainable use ofresources is of existential importance,’ he added.
Siemens will continue to assist the sustainable development of the region and support the Masdar Project, according to the company.
‘We are convinced to make a highly attractive investment. This is yet another good example for the combination of green technologies with economic efficiency,’ said Dr Ralf Schnell, CEO of Siemens Venture Capital.
In addition to being an investor in the fund, Deutsche Asset Management asked Siemens to act as technical consultant for the company.
The CO2-neutral Masdar City that is under construction in the emirate of Abu Dhabi is designed to use only renewable energies and sustainable, low-emission technologies. The Deutsche Bank Masdar Clean Tech Fund is being set up to support a range of innovations which may have applicability in Abu Dhabi and the region.
The investment is being made by Siemens Venture Capital, a subsidiary of international provider of financial solutions in the business-to-business area Siemens Financial Services.
Siemens Financial Services, Munich, finances infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens.
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