PDO partners with Phaze Ventures to set up start-up accelerator

PDO PhazeThe six-month startup accelerator programme will be designed by business incubator group SparkLabs. (Image source: Petroleum Development Oman)Petroleum Development Oman (PDO) said it has partnered with Omani investment group Phaze Ventures to set up a startup accelerator to help local energy start-ups and attract foreign investments

The “SparkLabs Energy Accelerator”, a six-month programme designed by SparkLabs, will be based in Oman.

The programme will offer funding, co-working space and mentorship to help companies develop 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.

“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,” PDO managing director Raoul Restucci said.

“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,” Restucci added.

“We are incredibly excited about our roadmap for Oman, with the SparkLabs Energy Accelerator, in partnership with PDO, marking the first chapter of Oman’s future as a centre for innovation,” Phaze Ventures CEO Abdullah Al Shaksy said.

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