ENGIE Factory, the venture-building arm of ENGIE Group, announced the launch of a venture studio to boost climate tech startups across the Middle East. The ENGIE Factory aims to be at the forefront of driving a new wave of innovation in the region by collaborating with local entrepreneurs to develop new business models and fundable startups.
“We build innovative startups from scratch with founders and leverage the Group’s expertise, funding and market access to accelerate their solutions,” said Caroline Guyot, Managing Director, ENGIE Factory.
Launched in Singapore in 2019, ENGIE Factory has built over 14 startups which are solving pressing climate issues. Examples are startups decarbonizing hard-to-abate industries, accelerating the distribution of renewables with business model innovation and developing intelligent software to facilitate the energy transition. “In close collaboration with investors, governments and other corporates, we have built a unique model for corporate venture building. We couldn’t do this without the support of our valued partners, which are a critical driver for success in the Middle East”, says Guyot.
“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,” said Tomaz Guadagnin, Country Manager GCC & Pakistan, ENGIE.
