Drees & Sommer has emerged as the principal investor in Bable Smart Cities, a scale-up company in the field of smart and climate-neutral city development.
Bable Smart Cities secured close to €5.7 mln in private investment and is receiving an additional €3.4 mln in innovation grants.
Both Drees & Sommer and Bable are headquartered in Stuttgart, Germany. In recent years, Drees & Sommer has been emphasising the need for sustainable and digital practices and has also been focusing on the rise of the smart district concept in Europe.
Sascha Hempel, international partner at Drees & Sommer, added: 'Together we aim to develop the leading B2G platform and boost our reach in the consulting business for the public sector and governmental services.
'With this new partnership, we will be able to match the growing need for public, social, and digital infrastructure in a sustainable, innovative, and economically viable way for a world we want to live in.'
Alexander Schmidt, founder and CEO of Bable Smart Cities, added: 'Several cities we are actively working with are each committing to invest around €1 bn per year on climate-neutral solutions – and more will join this group.
'At Bable, we can continue doing what we have been doing, but now at the tremendous scale needed. Together we can solve urgent challenges and facilitate future-proof, smart and green cities.'
