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Mubadala and Schneider to explore opportunities for clean energy

January 21, 2021
oil and gas

The two companies agreed to collaborate on initiatives that will contribute to energy optimisation and carbon reduction

Abu Dhabi's Mubadala Investment Company and Schneider Electric agreed to explore opportunities to collaborate on several sustainability-related initiatives in the UAE and abroad.

Under the agreement, the companies will seek to work together on a number of opportunities, including energy as a service in Europe, the Middle East, Africa and other markets, as well as manufacturing opportunities in the UAE, according to a statement on Wednesday.

The companies will pursue development of education and research initiatives with the major academic institutions in Abu Dhabi. They will also explore additional areas for collaboration in the areas of clean energy and sustainability.

“This agreement is an important development in Mubadala’s strategy of advancing the development, commercialisation and deployment of clean energy solutions and innovative technologies globally as well as adding to Abu Dhabi’s position as a global center of excellence in the sector,' Musabbeh Al Kaabi, chief executive of UAE investments at Mubadala Investment Company, said.

The agreement was signed on the sidelines of the Abu Dhabi Sustainability Week.

“Through Masdar and other energy and technology focused companies in our portfolio, in addition to our partnerships with world-class companies, like Schneider Electric, we are building on the UAE’s strong energy heritage and playing a significant role in advancing the transition to lower carbon-intensive solutions required to meet the world’s growing energy needs,” Mr Al Kaabi said.

As part of Schneider Electric’s aim to reduce carbon emissions and help organisations around the world shift to become carbon positive, the company works with partners to create new business models that will promote a more resilient and sustainable future, the statement said.

“Partnerships are fundamental to the goal of achieving a greener, more sustainable world, and Mubadala and subsidiaries such as Masdar have pioneered new approaches to sustainable business,” Caspar Herzberg, Middle East and Africa president at Schneider Electric, said. “We believe that, by combining our areas of expertise, we will be able to make significant progress in the space of clean energy and energy efficiency and scale up these ideas to benefit organisations and societies globally.”

Abu Dhabi renewable energy company Masdar plans to double its current capacity of 10.7 gigawatts over the next five years as it helps governments chart a sustainable recovery from Covid-19.

The company, which has wind, solar and waste-to-energy assets around the world, also intends to set up pilot hydrogen fuel projects in the UAE during the period, according to Yousif Al Ali, executive director for clean energy.

Masdar, which is owned by Mubadala, revealed this week that it plans to build hydrogen-production plants. The pilot projects will also focus on how the clean fuel can be used to power vehicles, Mr Al Ali said.

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