Oil-rich Abu Dhabi is increasing its commitment to the cleantech market via its sovereign wealth fund, Aabar Investments PJSC.
Aabar has announced the
purchase of a stake in high-end electric carmaker Tesla Motors Inc. Aabar bought the 4% holding from Daimler AG, which still holds about 6%. Terms were not disclosed, but Daimler paid about $50 million for a 10% stake in May.
Aabar also happens to be Daimler's largest shareholder, acquiring a 9.1% stake in the Stuttgart, Germany, luxury carmaker for €1.95 billion ($2.65 billion) in March. Aabar chairman Khadem Al Qubaisi said in a statement, "We are delighted to be working with Daimler and continue to be
excited by the potential for further projects that meet our joint strategic
objectives." One of those interests is to leverage their shared interest in the development of low-CO2 drive systems.
Before its May investment, Daimler agreed to cooperate on the integration of Tesla's lithium-ion battery packs and
charging electronics into the first 1,000 units of Daimler's electric Smart car. Silicon Valley's Tesla, which had some trouble getting its high-priced electric Sedan out the door, has received a lot of support, getting investments from Draper Fisher Jurvetson, among others, and
receiving $465 million from the Department of Energy to
manufacture electric drivetrains and electric vehicles in California.
Along with more Daimler JVs, Reuters
notes that Qubaisi said he expected Tesla cars to hit the streets of Abu Dhabi in a matter of days.
On the broader energy front, Abu Dhabi aims to be one of the greenest cities in the world, setting up cleantech funds, developing green buildings and homes and becoming the headquarters for a 130-plus nation renewable energy agency, which
includes the U.S. -
Baz HiralalSee the Aabar announcement
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