Morocco’s Green Energy Startup, Atarec, receives investment from UM6P Ventures
Capital venture firm UM6P Ventures has announced plans to invest in Atarec, a Moroccan renewable energy solutions startup.
Atarec, an acronym for Advanced Third Age Renewable Energies Company provides third-generation renewable energy solutions and their applications with the aim of ensuring autonomy in green energy. Through its recently patented “Wave Beat” green energy solution, Atarec sources electricity from waves using an electro-mechanical system and is now headed in industrializing the solution. In a press release statement, Atarec made the announcement of the agreement deal with UM6P Ventures.
Founded by Mohamed Taha El Ouaryachi and Oussama Nour, the startup offers a range of services to cover the entire value chain for the implementation of innovative renewable energy solutions to consumers. It is designed to suit each client and is extendable to all its ecologically subordinate applications with high added value, and high energy demand. Consumers can choose between benefiting from specific and one-off services or services covering the entire value chain offered by the startup.
Atarec was first incubated by Morocco’s Tanger Med Group as part of its strategy to support startup innovation in the country and the emergence of a competitive Made in Morocco label. Atarec would in addition to the seed capital raised with UM6P ventures, have an expansive network of scientific and business experts and infrastructure.
Atarec will also receive mentoring in both the business-related and innovation-related aspects of their innovative solution through simulations from UM6P Ventures. This will involve close monitoring the startup throughout the process of developing their commercial model.
The CEO Yassir Biaz on commenting on the agreement mentioned, “UM6P Ventures reckons that to maximize the success of business initiatives, investment cannot be disassociated from close-hand mentoring. 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 stressed that UM6P ventures are aimed at transforming startups into valuable assets, which are capable of attracting investments in the long run.