Multinational investment company BlackRock has is set to invest up to $400 million in a Dubai decarbonization firm called Positive Zero.
The announcement was made by Positive Zero this week, and the investment will aim to help the company support energy transition projects in Gulf countries.
Positive Zero was founded by Creek Capital, a private investment firm with a particular focus on climate, around a year ago and at the same time that the COP27 climate summit in Egypt was taking place.
Furthermore, the company was formed as a result of merging three other businesses: a solar company called SirajPower, an on-demand battery firm HYPR Energy, and Taka Solutions – an energy efficiency services provider.
According to BlackRock head of Asia–Pacific and Middle East for diversified infrastructure Ed Winter, Positive Zero is an excellent position to capitalize on the ambitious energy transition plans in the UAE.
The region is on a path of rapid economic growth, much of which also involves the funding of various climate initiatives and technologies, ranging from carbon capture to removal and mineralization projects.
The UAE just recently hosted the world’s largest climate conference, COP28, which ended a week ago, during which the nation demonstrated its ambition to swiftly increase the share of renewables in its energy mix and triple its capacity by 2030.
David Auriau, Co-Founder and CEO of Positive Zero, said in an official statement: “In the wake of our pivotal partnership with BlackRock, we stand at the threshold of an extraordinary transformation. Mohammed and I embarked on this journey with a vision to redefine sustainable infrastructure in the region.”
Positive Zero represents the culmination of that vision, where practicality meets ambition. We’re not just creating a sustainable business model; we’re molding an ecosystem where sustainability is synonymous with profitability and accessibility. This investment accelerates our mission to provide comprehensive, hassle-free clean energy solutions, transforming the energy landscape for industries across the board,” Auriau concluded.