Abu Dhabi Future Energy Company (Masdar) and Germany’s Deutsche Bank have launched a $265m fund to invest in companies developing clean and renewable energy products, called the DB Masdar Clean Tech Fund.

The fund will be jointly managed by subsidiaries of the two companies, Masdar Venture Capital and DB Climate Change Advisors, according to a statement released by the two partners on 18 January.

The fund will focus investments on firms which want to expand and are already working on clean and renewable products related to power generation and storage, water and waste management, advanced construction materials, and new technologies.

Other investors include Germany’s Siemens, which has allocated $50m to the scheme, the US’ General Electric, and three Japanese firms: Japan Oil Development Company, Nippon Oil Corporation and the Development Bank of Japan.

The DB Masdar Clean Tech Fund was officially launched on 18 January.

Masdar launched a similar fund, the $250m Masdar Clean Tech Fund. Co-investors included Switzerland’s Credit Suisse, Consensus Business Group of the UK and Siemens.