Fri 17-01-2020 13:13 PM
ABU DHABI, 17th January, 2020 (WAM) -- The Catalyst, the sustainability-focused accelerator supported by Masdar and BP, has announced three new companies for its second cycle of funding, training and mentorship.
The announcement was made at Abu Dhabi Sustainability Week 2020, the region’s largest sustainability gathering, taking place this week in the UAE capital.
According to a statement released by Masdar, all three start-ups will receive funding and training, access to The Catalyst’s mentor network, and office space at Masdar City’s Tech Park or Accelerator Building.
"We are pleased to welcome our new companies to The Catalyst, the region’s first clean technology accelerator focused on sustainable growth. Masdar City is the natural home of innovation in Abu Dhabi and all these businesses will benefit from its R&D facilities and the award-winning business services of Masdar City Free Zone – for long after they have completed their acceleration period," said Cinar Kurra, Chief Executive Officer, The Catalyst.
One of the three start-ups is Seramic Materials, which converts industrial waste such as fly ash or steel slag into value-added ceramics. It has been granted US$150,000, along with a two-floor laboratory space, and office and showcase space in the Tech Park, the statement noted.
It went on to detail the second start-up, Key Technologies, a company developing a high-tech, autonomous, ultra-long-distance surveillance system, which has been granted US$190,000 and office space at Masdar City.
Volts, the third start-up to receive Catalyst support, is developing a smart battery management system that can power an entire house from a renewable energy source. It has been granted US$175,000 and a space for laboratory testing.
"BP is excited to see the success of this partnership with Masdar and the progress made since we first established The Catalyst. The three new start-ups are a testament to the continuous hard work by The Catalyst team, who are focused on sustainability and attracting the best start-ups, which will be showcased at WFES 2020," said Salem bin Ashoor, General Manager and Chief Representative of BP UAE.
More than 700 companies currently operate at Masdar City, including start-ups, SMEs and multinational companies, with tenant registrations increasing by over 15 percent in 2019.
The Masdar City Free Zone announced new free zone packages at last year’s GITEX Technology Week, offering start-ups and companies competitive leasing and registration fees. The free zone is also expanding its operations with the development of a new Accelerator building, which will provide an additional 4,370 square metres of space.
Catalyst accepts applications from local and international entrepreneurs with start-up projects in the fields of aggrotech, biotech, electric mobility, energy efficiency systems, and food waste management systems. The accelerator provides up to US$190,000 in grant funding per company, as well as training, one-on-one mentorship, and access to the support of the award-winning Masdar City Free Zone.