PDO Partners With Energy Technology Accelerator
Petroleum Development Oman has partnered with SparkLabs Group, a global venture and accelerator group, and Phaze Ventures, a new technology group focused on innovation throughout the Middle East, to launch a new accelerator focused on energy technology in the region.
Petroleum Development Oman (PDO) has partnered with SparkLabs Group, a global venture and accelerator group, and Phaze Ventures, a new technology group focused on innovation throughout the Middle East, to launch a new accelerator focused on energy technology in the region, part of a new initiative to develop Oman as a global future energy technology hub.
SparkLabs is the largest Pan-Asia accelerator group, with accelerators in Korea, China, Taiwan, Hong Kong, and Australia, according to the company. SparkLabs is now expanding to the Middle East, with the in partnership with PDO and Phaze Ventures to identify and scale companies and solutions solving the future energy needs of the region and the world. This is part of the overall initiative to make Oman a global center of excellence in future energy technologies and efficiencies, drawing upon the unique merits of different countries in the region.
The SparkLabs energy accelerator 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 center 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. PDO is keen to provide a platform that attracts entrepreneurs from Oman as well as internationally to support knowledge transfer between start-ups, corporate partners and government alike. It will keep PDO, and the wider Omani innovation ecosystem, close to emerging global trends, support local capacity building, and establish a pipeline of high-potential investment opportunities in the energy field.”
SparkLabs Accelerator Partner, Eugene Kim, said, “We specifically designed the Sparklabs Energy program 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 forward to develop Oman’s best energy startups, together with bringing some of the world’s most impactful early-stage energy startups to the region, thereby generating a flow of information and innovation between startups, corporates, and governments that will help transform the region’s energy sector.”
The SparkLabs energy program is based in Muscat, Oman. Applications for the first class in October will begin in May. Selections will be finalized by July.