PDO, Phaze Ventures join hands to support energy innovators

Business Reporter  - MUSCAT, MAY 9 - Petroleum Development Oman (PDO) has partnered with Omani investment group Phaze Ventures to set up a new platform to boost local energy start-ups 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 start-ups funding, co-working space and mentorship to help grow their businesses, and develop cutting-edge products and services for the energy sector. 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 are already incorporating solar renewable energy in our operations and working closely with both academia and industry to promote, identify, develop and proficiently deploy key innovations and enablers. This announcement focuses on energy technologies and efficiencies and is another important building block in our Company’s strategy. “We look forward to working closely with SparkLabs and Phaze Ventures to meet our shared ambitions for this country.”