A new $100 million venture fund is teaming up with one of the world’s leading marine research institutes to invest exclusively in ocean technologies that can help solve the climate crisis.
Boston-based Propeller will focus on start-ups developing tech to remove carbon dioxide from the oceans, decarbonise shipping and improve efficiency in marine industries, among other innovations. The firm will also invest in companies looking to tap ocean microbes and other organisms to produce energy, pharmaceuticals and other products.
When it comes to mitigating climate change, “the ocean is doing most of the heavy lifting already,” said Brian Halligan, founder and partner at Propeller.
The oceans produce 50 per cent of the planet’s oxygen and absorb about a third of the carbon dioxide produced from the burning of fossil fuels. But little of the billions of dollars investors have poured into climate technologies has been devoted to ocean-related solutions.
“I think in many cases it’s been hard to make the case for enough profit potential to get the VCs interested, that there’s a unicorn out there,” said Mark Schrope, director of Schmidt Marine Technology Partners, a San Francisco-based organisation that issues grants for the development of early-stage ocean tech. Part of the Schmidt Family Foundation established by Wendy and Eric Schmidt, the former Google chief executive, Schmidt Marine Technology Partners is not an investor in Propeller.
Mr Halligan, the co-founder of software company HubSpot, said that rather than chase unicorns, Silicon Valley’s elusive billion-dollar start-ups, Propeller is pursuing “narwhals” — companies developing game-changing ocean technology.
Key to that strategy is the fund’s partnership with the Woods Hole Oceanographic Institution, whose scientists will receive “substantial” grants from the Propeller fund to develop ocean climate technology that can be commercialised.
The WHOI is itself a 4 per cent partner in the fund, and Propeller will also get a first look at the WHOI’s intellectual property.
“It's important to have skin in the game,” said Peter de Menocal, a marine geologist and paleo-oceanographer who serves as the WHOI’s president. “I told [Halligan] that we needed a risk capital fund to put our scientists and engineers to work on these bigger, complicated projects that relate to ocean climate solutions.”
Mr Schrope said such a partnership could give ocean scientists a path towards commercialising their discoveries, something that has long existed for other fields, such as biotech.
Mr Halligan said Propeller raised its fund from wealthy individuals and institutions and has made three investments so far. He declined to identify the recipients but said one is working on technology to cut emissions from shipping while another is developing a way to extract lithium from seawater for use in electric vehicle batteries. The third is creating a suite of ocean sensors.
“We pay very close attention to the science on a viable path forward around carbon dioxide removal,” said Propeller partner Julie Pullen, a climate scientist and oceanographer. “We also think that there’s underlying technologies associated with building those markets, for instance monitoring, reporting and verification to substantiate that the carbon sequestration is happening.”
Scientists have criticised past carbon removal schemes, such as dumping iron sulphate in the ocean to stimulate the growth of carbon-absorbing plankton, as geoengineering that could have catastrophic unintended consequences.
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Zayed Sustainability Prize
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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Company%20Profile
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So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
