Press Release – Thursday March 10, 2022
UM6P Ventures invests in renewable energy startup Atarec
Casablanca, the 9th of March, 2022 – VC fund UM6P Ventures announces an investment in renewable energy startup ATAREC, which has developed the first pilot platform for wave power in Morocco. This first round of funding will enable ATAREC to take a decisive step in its development and accelerate its transition from proof of concept to commercially available products. Its unique and proprietary mechanical-hydraulic system will be marketed internationally.
ATAREC is a project that emerged from the entrepreneurial determination of Mohamed Taha El Ouyarachi and Oussama Nour, collaborators within the Tanger Med Group. The two founders were able to develop the patented “WaveBeat” solution through a demonstrator deployed on site, which exploits wave energy through a mechanical-hydraulic system to produce green energy.
The Tanger Med Group is developing a support offer for project leaders who propose solutions in its business verticals whether it be port, industrial or logistics. As part of its intrapreneurship program, the Group supports its internal talents by providing them with a set of resources that bring innovative projects to fruition. As a result, competitive advantages set them apart in the marketplace showcasing the performance of TMSA’s ecosystem and enabling the emergence of a competitive Made in Morocco offer.
In addition to Tanger Med’s role as the first incubator for ATAREC, UM6P Ventures provided the startup with initial seed capital and access to its vast scientific and business subject matter network of experts and infrastructure.
“UM6P Ventures believes that in order to maximize the success of new entrepreneurial endeavors, investments cannot be decoupled from educational and practical support. UM6P Ventures’ extensive background in the sciences and our network of science and business-based partnerships brings unique capabilities to the entrepreneurs we fund. UM6P Ventures ensures that each of the startups it backs will be of the highest caliber for future investment rounds.” Yasser Biaz, CEO, UM6P Ventures
UM6P Ventures allowed Atarec to benefit from a complete offer including support and investment, dedicated to the co-developed Energy vertical with the Green Energy Park. Atarec gained access to the technological expertise of the Technology Licensing Office (Intellectual Property Development) and subject matter experts in the fields of renewable energies, modeling and simulation (UM6P), industrialization and business development.
About UM6P Ventures
UM6P Ventures is the investment arm of UM6P, founded as a vehicle for the university to advance entrepreneurship and accelerate scientific innovation in Morocco and Africa, backed by the OCP Group. It is a seed-stage ventures firm that caters to innovators and entrepreneurs in the fields of science and technology and invests in startups from their creation to Series A funding.
UM6P Ventures provides early ventures with advanced infrastructure, platforms, talent, and programs native to UM6P. It builds explicit pathways to transition incubated or demonstrator projects to investable assets and brokers subsequent funding in capital markets.
In partnership with its ecosystem network of programs including incubators and accelerators and investors such as business angels and venture capital, UM6P Ventures provides an unmatched ability to fund, build and accelerate assets out of projects. UM6P Ventures has a robust ecosystem and an investment portfolio actively invested in AgroBiosciences, Health Tech, Energy, Artificial Intelligence (AI), and Industry 4.0.
About Tanger Med
The Tanger Med Group is a national port and logistics player, developer of logistics and industrial zones and managing body of the Tanger Med port complex, leading container port in the Mediterranean and Africa, and leading national logistics platform.