- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:25 06:43 12:11 15:09 17:32 18:50
Masdar and Deutsche Bank yesterday announced the first closing of its newly-launched DB Masdar Clean Tech Fund by raising $265 million (Dh972.55m).
This fund brings together for the first time the deep 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.
The fund will invest primarily in expansion and later stage 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.
"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.
"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," said Al Jaber.
The fund has attracted investment from some of world's leading organisations concerned with climate change.
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