The Arab Energy Fund, previosuly known as APICORP, has established the TAEF Hartree Cleantech LP, a $120 million limited partnership (LP) established in collaboration with Hartree Partners, an international energy and commodities company. The partnership reinforces the Fund’s position as a leading regional impact investor, committed to promoting energy objectives in member nations.

A New Platform for Decarbonization Technologies

Incorporated in the UK, the LP uses proprietary market insights and detailed research to identify and support entrepreneurs in the decarbonization sector. The platform invests in VC-stage companies to develop both physical and digital technologies that drive decarbonization and sustainability. It will also provide valuable support to businesses driving the energy transition and building sustainable energy solutions.

Hartree Partners’ Cleantech Expertise

Since 2020, Hartree Partners, a global leader in energy and commodities trading, has been making strides in the cleantech sector through its subsidiary, Vertree Partners. Vertree has focused on carbon market-related investments, industrial decarbonization solutions that are scalable, and value chain of energy transition.

Hartree’s portfolio constitutes businesses operating in industrial decarbonization, emissions verification, geospatial data analytics, and climate change adaptation technologies. The new partnership will integrate these investments, enhancing its overall impact.

Khalid Ali Al-Ruwaigh, CEO of the Arab Energy Fund, stated that the initiative aligns with their strategy to support the energy ecosystem through debt and equity solutions. He added that it advances their member countries’ energy agendas by promoting the development of local energy value chains in the MENA region and beyond.

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Portfolio of Investments

The partnership manages a portfolio of 10 cleantech companies, with past investments from BlackRock, Microsoft, and Union Square Ventures. These investments will expedite the growth of decarbonization technologies, furthering the mission of both the Arab Energy Fund and Hartree Partners in driving the global transition to a low-carbon economy.

The Arab Energy Fund and Hartree Partners aim to expand their reach and scale impact within the cleantech sector. The collaboration aims to invest in innovative companies, driving transformative changes and advancing the global cleantech ecosystem.

Areim has successfully completed an additional capital raise for its Nordic data centre fund, Areim DC Fund, bringing the total raised capital to €900 million. Investors significantly oversubscribed the capital raise, attracting both Nordic and international institutional investors and diversifying the investor base. Over the past two years, Areim has raised more than €1.2 billion for its platform, comprising equity, debt, and bond capital.

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Henrik Brinck Landelius, CEO of Areim, stated that the ongoing strong support from both existing and new investors highlights the effectiveness of the strategy behind their dedicated data centre fund. He noted that the substantial interest in the Areim DC Fund and EcoDataCenter reflects the growing demand and attractiveness of the Nordic market for data centres.

He acknowledged the considerable activity in this sector and emphasized the importance of the additional investments for the continued growth of the platform. Landelius also expressed appreciation for the team’s success in the fundraising efforts, stating that Areim is now well-positioned to continue delivering value to customers, investors, and other key stakeholders.

Growing the Nordic Data Centre Platform

Leif Andersson, founder of Areim and Chairman of EcoDataCenter,stated that when they initially decided to invest in EcoDataCenter, they recognized the potential of sustainable data centres to address the growing demand for digital infrastructure.

He noted that since then, data centres have become essential components of this infrastructure, regardless of the sources or uses of the data loads. He expressed excitement about continuing to lead the development of data centres in the Nordics as the demand for digitalization and AI continues to rise.

In 2018, Areim purchased a majority share in EcoDataCenter, which the Areim DC Fund eventually entirely owned by 2023. Areim will use the funds raised to expand EcoDataCenter and continue its commitment to providing sustainable data center solutions. Andulf Advokat provided legal counsel to Areim during the capital raise process.