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News >> Technology >>
Masdar, Deutsche Bank close first clean tech fund
By siliconindia
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Wednesday, 20 January 2010, 18:20 IST
Abu Dhabi: Energy firm Masdar and Deutsche Bank announced the launch of the DB Masdar Clean Tech Fund and its first closing, raising $265 million. This fund brings together the sector knowledge and scope of the Masdar Initiatives with the global asset management and research capabilities of Deutsche Bank.
Co-managed by Masdar Venture Capital and DB Climate Change Advisors (DBCCA), the DB Masdar Clean Tech Fund seeks to build a diversified venture capital and private equity portfolio that will include some of the world's most promising and pioneering clean tech and renewable energy companies. "Completing first close on the DB Masdar Clean Tech Fund is a clear statement of intent," said Dr. Sultan Ahmed Al Jaber, Masdar's CEO.
The Fund will invest primarily in expansion of companies in the clean energy (power generation, storage), environmental resources (water, waste management) and energy and material efficiency (advanced materials, building and power grid efficiency, enabling technologies) sectors. "We understand both the financial and social value of companies that are tackling global environmental challenges; we are committed to supporting them by providing capital investment and management expertise." Jaber added.
The Fund has attracted investment from some of world's leading organizations concerned with climate change issues. The initial investor group is led by Siemens and includes the Japan Bank for International Cooperation, Japan Oil Development, a wholly-owned subsidiary of Inpex Corporation, Nippon Oil Corporation, Development Bank of Japan and GE.