Partanna Creates Carbon-Negative Cement Hub in Abu Dhabi
Deal News | Dec 08, 2024 | Zawya
The Abu Dhabi Investment Office (ADIO) has partnered with the Bahamian climate tech startup Partanna to establish a regional headquarters in Abu Dhabi and build an advanced manufacturing facility. This initiative is aimed at transforming Abu Dhabi into a central hub for carbon-negative building materials, contributing toward global sustainability efforts. The announcement, made during the first Abu Dhabi Business Week, highlights the UAE's strategic focus on achieving carbon neutrality and fostering innovation in construction. Partanna's unique approach centers on converting waste brine into sustainable cement, thereby reducing carbon emissions significantly. The facility will produce Verra-certified carbon credits, supporting the reduction of carbon emissions in alignment with Abu Dhabi's climate goals. By leveraging Abu Dhabi's infrastructure and resources, the project will demonstrate how economic growth and environmental responsibility can align. Partanna's facility is set to operate by 2025, aiming to offset 7.98 million metric tonnes of CO2 annually, with global expansion plans through franchise models.
Sectors
- Construction
- Climate Technology
- Investment and Financial Services
Geography
- United Arab Emirates – The article centers around the partnership occurring in Abu Dhabi, a leading emirate in the UAE, and the establishment of a manufacturing facility there.
- Bahamas – Partanna is a Bahamian company, thus involving the Bahamas in the context of the company's origin.
Industry
- Construction – The article discusses innovations in cement production, a key component of the construction industry.
- Climate Technology – Partanna, the company mentioned in the article, is a climate tech firm focused on reducing CO2 emissions through sustainable materials.
- Investment and Financial Services – The Abu Dhabi Investment Office is an investment firm partnering with companies to drive economic growth and sustainability.
Financials
- – No specific financial figures like deal price or fund size are mentioned in the article, although broader industry impacts are discussed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Abu Dhabi Investment Office | Investor/Partner | Government | ADIO is responsible for accelerating Abu Dhabi's economic growth through partnerships and investment. |
| Partanna | Target Company/Partner | Company | A climate tech company focused on producing carbon-negative cement to transform global construction. |
| Rick Fox | Co-Founder and CEO | Person | NBA Champion and co-founder of Partanna, leading the company's global expansion. |
| Hub71 | Incubator/Tech Ecosystem | Company | A global tech ecosystem in Abu Dhabi supporting startups like Partanna in their growth and innovation. |
| Verra | Carbon Credit Certifier | Company | A world leader in voluntary carbon standards, certifying Partanna's carbon credits. |