Biosolvit

Oct 20, 2022

Masdar City, Mohamed Bin Rashid Innovation Fund to support sustainability-focused UAE startups Biosolvit, Wahaj Solar, Alesca Life, ECOLOO and Desolenator from MBRIF’s Accelerator programme will join Masdar City’s growing network of sustainability-focused companies by Gulf Business October 20, 2022 Mohammed Bin Rashid Innovation Fund (MBRIF) and Masdar City have awarded free business licenses from Masdar City Free Zone to five startups in the MBRIF Accelerator programme. The MBRIF Accelerator aims to enhance the growth potential of innovative businesses shaping the future of UAE’s economy with a focus on technology, education, health, water, clean energy, transport, and space. The programme offers services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale. The chosen startups, Biosolvit, Wahaj Solar, Alesca Life, ECOLOO and Desolenator, will join Masdar City’s growing network of sustainability-focused companies, developing innovative solutions in the key climate action areas of energy storage, agri-tech, health-tech, mobility, clean energy, AI, water and space. The Ministry of Finance said: “We are delighted that five MBRIF members have been selected to become part of Masdar City Free Zone. This will further enable their contribution to the UAE’s developing innovation ecosystem. With this partnership, MBRIF highlights its position as a unique government-backed initiative that aims to support innovative businesses to grow and make a positive economic, sustainable and social impact in the UAE and internationally, by providing them with the platform to succeed.” Ahmed Baghoum, executive director, of Masdar City said, “At Masdar City, we recognise that innovation is the key to progress and partnerships with like-minded entities such as the Mohammed Bin Rashid Innovation Fund, support this progress. By bringing these MBRIF Accelerator members into Masdar City Free Zone’s dynamic business ecosystem, they will add to the critical work being done by the many other innovative companies based here, such as those under the Catalyst, the region’s first accelerator for sustainability-focused start-ups. “By actively supporting businesses such as these we can also prepare the way for the UAE’s hosting of COP28 in 2023 and continue to actively contribute to the UAE’s Net Zero by 2050 Strategic Initiative.” Masdar City and MBRIF signed a memorandum of understanding (MOU) during Abu Dhabi Sustainability Week 2022, to cultivate entrepreneurship and economic development in the UAE and at an international level. In other developments, Emerge, a joint venture between Masdar and EDF, and Khazna Data Centers have signed an agreement to develop a ground-mounted solar photovoltaic (PV) plant. The plant will power Khazna’s new data centre in Masdar City, Abu Dhabi’s sustainable urban development.