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Rabat – Capital venture firm UM6P Ventures has announced plans to invest in Atarec, a Moroccan renewable energy solutions startup.
The move comes at a critical time for the startup, with UM6P Venture’s investment set to help Atarec in securing the funds it needs to move to a decisive stage in the development of its signature green energy solution “Wave Beat,” according to a press release.
After completing the pilot study of Wave Beat, a first-of-its-kind energy solution that sources electricity from waves, Atarec is now heading for the industrial demonstration of their solution, explained the statement.
The stage of industrial demonstration is critical to Atarec’s growth prospects as it is in line with the startup’s international expansion strategy.
In addition to directly funding Atarec, UM6P Ventures will offer the Moroccan startup comprehensive support, including access to the UM6P Ventures and Green Energy Park, a co-developed vertical support platform dedicated to green startups.
Founded by young Moroccan entrepreneurs Mohamed Taha El Ouaryachi and Oussama Nour, Atarec’s signature innovation is an electro-mechanic system that produces green electricity from waves.
The startup was first incubated by Morocco’s port operator Tanger Med Group as part of the group’s strategy to support Moroccan innovation and the emergence of a competitive Made in Morocco label.
Atarec landed its seed capital from UM6P Ventures as well as access to UM6P Ventures’ extensive network of scientific and business experts and infrastructure.
Read also: UM6P Ventures Launches Initiative to Support DeepTech Startups
As the investment arm of the Mohammed 6 Polytechnique University, UM6P Ventures is aimed at the development of the entrepreneurship landscape in Morocco and Africa — with the support of the world’s leading phosphate miner and fertilizer producer OCP Group.
Under the Atarec-UM6P Ventures agreement, the capital venture firm will offer the startup access to state-of-the-art facilities and technical know-how. It will equally offer the startup the services of its intellectual property office “Technology Licensing Office,” detailed the press statement.
Unlike typical capital ventures, UM6P Ventures will equally offer Atarec mentoring in both the business-related and innovation-related aspects to their innovative solution through simulations. This will entail closely monitoring the startup throughout the process of developing their commercial model, the statement added.
“UM6P Ventures reckons that to maximize the success of business initiatives, investment cannot be disassociated from close-hand mentoring,” said UM6P Ventures CEO Yassir Biaz.
“UM6P Venture’s extended experience in the science and large network of partners across the scientific and business fields allow us to offer startups unique financial and technical support,” Biaz explained.
He concluded, “At UM6P Ventures, we make sure to transform startups into valuable assets, capable of attracting investments on their own in the future.”
