The Masdar Initiative, Abu Dhabi's investment in developing future energy solutions, was named the "Cleantech Leader of the Year" today at the Cleantech Forum's Cleantech Awards in San Francisco, California, USA. The prestigious recognition was bestowed on the initiative for contributing credibility and resources to the cleantech industry.
Launched in September 2006, Masdar has created a US$250 million Masdar Clean Tech Fund (CTF) in partnership with Credit Suisse, Siemens and Consensus Business Group of the UK. The fund is a diversified venture capital investment vehicle that will build a portfolio of clean technology companies.
The CTF has concluded its first year with one of the strongest and most successful deal flows in the investment community. It deployed most of its capital in 2007, one year ahead of schedule, taking strategic equity stakes in companies, such as Solargenics, Segway, Halosource, Europlasma, Sulfurcell, Heliovolt, SIC Processing and EnerTech Capital.
Earlier this month, Masdar broke ground on Masdar City, the world's first zero-carbon, zero-waste, car-free city, where all of its programmes will be centrally located. The 6.5-square kilometre district, growing eventually to 1,500 businesses and 50,000 residents, will be home to international business and top minds in the field of sustainable and alternative energy.
Masdar is also investing in human capital by cultivating the scientific and human talent required for the new clean technology sector. It has established the Masdar Institute of Science and Technology (MIST), the Middle East's first graduate-level, research-driven scientific institution focused on energy and sustainability, in cooperation with the Massachusetts Institute of Technology.
MIST also encompasses the Masdar Research Network (MRN), a network of universities across the world in conducting advanced research in energy and sustainability technologies.