Phaze Ventures signs agreement with PDO to launch region's first Energy Accelerator
Omani based Venture Capital firm Phaze Ventures recently signed a contract with Petroleum Development of Oman (PDO) to launch the region's first Start-Up Accelerator focused on the Energy Sector: "SparkLabs Energy".
The intensive six-month programme to be located in Muscat will offer successful applicants funding, local and international mentorship, co-working space and access to the region's largest corporates, investors and academic institutions.
The announcement marks SparkLabs Group first programme in the MENA region. SparkLabs is Asia's largest accelerator group with programmes in South Korea, China, Taiwan, Hong Kong and Australia, and now the Sultanate of Oman.
Commenting on the occasion Abdullah Al-Shaksy, Phaze Ventures Chief Executive Officer and Co-founder said: “The accelerator programme provides an integrated framework for entrepreneurs, industry experts, investors and corporates to come together and find solutions to the world’s future energy needs. We think the programme offers a unique opportunity for start-ups to across the globe to come to the region and put their innovations to the test."
Al-Shaksy added, “We are incredibly excited about our roadmap for Oman and the region, with SparkLabs Energy, in partnership with PDO, marking the first chapter of the sultanate’s positioning as a centre for global innovation.”
Raoul Restucci, Managing Director of PDO stated, ““Renewable energy presents an enormous opportunity for Oman. We are already incorporating solar renewable energy in our operations as can be seen with our ongoing Miraah project which uses solar generated steam in thermal enhanced oil recovery (EOR) to extract heavy and viscous oil at the Amal oilfield. Upon completion, Miraah will be among the world’s largest solar plants, delivering 1,021 megawatts (MW) of peak thermal energy and generating 6,000 tonnes of steam per day. The natural gas saved through the use of our technology at the Amal oilfield can be exported or directed towards high-value applications, such as power generation or industrial development, providing a major opportunity to diversify the local economy.”
Also speaking on the occasion H.E Khalid bin Hilal Al Ma’awali Chairman of Majlis Al Shura said “It brings me great pride to see young Omani entrepreneurs flourishing and leading the strategic drive of the economic diversification project. The Sultanates first Energy Accelerator will pave the way for Oman’s elevation into a select group of global markets that are diligently working on finding solutions for the ongoing energy crisis. Phaze Ventures are proving that SMEs can spur more economic growth in new and perspective industries and actively contribute to Oman’s economic diversification.”
Al Ma’awali added “Developing and deploying leading energy start-ups via the Energy accelerator will put the Sultanate on the global map as a leading global tech hub that is spearheading the push for essential innovation and advancement in order to secure future energy needs”
For more information on SparkLabs Energy Accelerator, please visit: www.sparklabs.energy