ENGIE’s venture arm, ENGIE Factory, has launched in the Middle East with the aim of supporting the region’s growing entrepreneurial ecosystem and boosting climate startups.
ENGIE Factory, which launched in Singapore in 2019, shared that it collaborates with entrepreneurs to develop new business models and fundable startups.
So far, it has built over 14 startups targetting climate issues, including startups focused on decarbonising hard-to-abate industries, accelerating the distribution of renewables with business model innovation and developing intelligent software to facilitate the energy transition.
Speaking about the venture studio’s role, Caroline Guyot, Managing Director, ENGIE Factory, said: “We build innovative startups from scratch with founders and leverage the Group’s expertise, funding and market access to accelerate their solutions.”
Tomaz Guadagnin, Country Manager GCC & Pakistan, ENGIE, added: “As the need for climate action becomes ever more urgent in the face of global warming, it is vital that we leverage the latest innovations available to us as a community to solve the challenges that stand in the way of reaching Net Zero. By supporting the latest innovations emerging in the tech start-up community, it is our hope that we can develop meaningful solutions that helps industry decarbonize.”