BP allies with Masdar Institute of Science and Technology on energy accelerator.
United Arab Emirates (UAE)-based Masdar Institute of Science and Technology and UK-listed oil major BP have launched an accelerator focused on emerging energy, water and other sustainable technologies.
The BP and Masdar Institute Technology Accelerator will support startup companies through sponsoring technical research, providing commercial input, and supplying mentoring and business plan support. BP’s corporate venturing unit will connect local startups with global investors and potential acquirers.
Fred Moavenzadeh, president of Masdar Institute, said: “By developing this technology innovation accelerator with BP, we will provide UAE innovators with opportunities to realize the full potential of their ideas, directly in line with the UAE National Innovation Strategy.
“As an institution based on sustainable research, we focus on engaging the right stakeholders for the benefit of the wider regional and global community. We thank the country’s leadership for their support that continues to enable us to seek productive collaborations, relevant to the future of the UAE and the world.”
Issam Dairanieh, managing director of BP Ventures, added: “BP Ventures will continue to be involved in designing programs, training and mentoring local talent as well as assist in connecting the local ecosystems with others in the US and the UK.”
