PDO, Phaze Ventures partner to help energy startups

Muscat - 

Petroleum Development Oman (PDO) has partnered with Omani investment group Phaze Ventures to set up a new platform to boost local energy startups and attract companies from around the world to the sultanate.

The ‘SparkLabs Energy Accelerator’, to be hosted in Oman, is an intensive six-month programme designed by global business incubator group SparkLabs. The programme offers startups funding, co-working space and mentorship to help grow their businesses, and develop cutting-edge products and services for the energy sector, a press release said.

The Energy Accelerator also offers access to a global network of entrepreneurs, venture capitalists, angel investors and executives, as well as the opportunity to test the viability of early solutions within the real-world setting of PDO’s operations.

PDO managing director Raoul Restucci said: “Renewable energy presents an enormous opportunity for Oman. PDO is committed to playing its full part in helping to position the sultanate as a regional leader and to develop the nation as a renewable energy centre of excellence and technology hub. We look forward to working closely with SparkLabs and Phaze Ventures to meet our shared ambitions for this country.”

Restucci added: “PDO is keen to provide a platform that attracts entrepreneurs from Oman as well as internationally to support knowledge transfer between startups, corporate partners and government alike. It will keep PDO and the wider Omani innovation ecosystem close to emerging global trends and support local capacity building and establish a pipeline of high-potential investment opportunities in the energy field.”

Phaze Ventures CEO and co-founder Abdullah al Shaksy said, “Our goal is to unlock the full potential of our region’s talent and youth through strategic investments, and working together with forward-thinking corporates, local governments, and international partners looking to add value in the region. We are incredibly excited about our roadmap for Oman, with the SparkLabs Energy Accelerator, in partnership with PDO, marking the first chapter of Oman’s future as a centre for innovation.”

SparkLabs Energy will be working with PDO and Phaze Ventures to identify and help scale startups from Oman, and supporting companies from around the world to expand in the Middle East via the new energy technology hub in Oman.

SparkLabs Group’s general partner Eugene Kim said, “We specifically designed the Sparklabs Energy programme with PDO and Phaze Ventures to benefit from Oman’s drive to become a leading global technology hub for future energy needs and efficiencies. We are looking to develop Oman’s best energy startups, together with bringing some of the world’s most impactful early stage energy start-ups to the region.”

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