Dhahran, Saudi Arabia (ots/PRNewswire) – Aramco (“the Company”), one of the world’s leading integrated energy and chemicals companies, has committed an additional $4 billion to its global venture capital arm, Aramco Ventures. This more than doubles the capital allocated to Aramco Ventures, bringing the total investment amount to $3 billion USD increased to 7 billion USD.
- The company is making a good doubling of funding for its venture capital arm, Aramco Ventures
- Decision supports Aramco’s long-term strategy by investing in strategic areas of business development
- Intention to fund breakthrough innovations across a variety of industries
This brings Aramco’s total venture capital allocation to $7.5 billion, which includes its $500 million venture capital fund Wa’ed Ventures, which focuses on the startup ecosystem in the Kingdom of Saudi Arabia.
The decision reflects the growing importance of Aramco’s venture capital program, which enables the development of groundbreaking new technologies, creates diversification opportunities for Aramco and paves the way for collaborations with innovative start-ups. In doing so, she is expected to help drive the company’s long-term strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses and digital technologies.
Ahmad Al Khowaiter, Executive Vice President of Technology & Innovation at Aramco, said: “Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition. With Aramco Ventures we want to support pioneers with big ambitions and help them turn their ideas into reality. By providing an additional $4 billion in funding over the next four years, we aim to provide the financial backing needed to take breakthrough solutions to the next level. This will provide critical impetus to companies at various stages of development around the world, while contributing to the long-term goals of Aramco itself.”
Prior to the new capital allocation, Aramco Ventures managed three funds. This is a $500 million digital/industrial fund investing in technologies of strategic importance to Aramco; the $1 billion Prosperity7 fund, which invests in disruptive technology companies outside of the energy sector; and the $1.5 billion Sustainability Fund, which invests in start-ups that have the potential to support Aramco’s ambition to achieve net-zero greenhouse gas emissions (Scope 1 and Scope 2) across all of its and operated systems.
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Information about Aramco
Aramco is a global, integrated energy and chemicals company. Our actions are guided by the belief that energy opens up opportunities. We extract one in eight barrels of global oil production and develop pioneering energy technologies – in all our activities we are dedicated to the goal of initiating positive change. We are committed to making our resources more reliable, sustainable and useful. In this way, we want to contribute to stability and long-term growth worldwide. www.aramco.com
About Aramco Ventures
Aramco Ventures is the venture capital subsidiary of Aramco Group, the world’s leading fully integrated energy and petrochemical company. Headquartered in Dhahran and with offices in North America, Europe and Asia, Aramco Ventures invests globally in start-up and high-growth companies with technologies of strategic importance to parent company Aramco, primarily supporting operational decarbonization, new lower-carbon fuel businesses and the company’s digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s breakthrough technology investment program.
For more information, see www.aramcoventures.com.
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The press release contains forward-looking statements. All statements in this press release that do not relate to historical or current facts are forward-looking statements. Forward-looking statements reflect the Company’s current expectations and projections regarding its capital expenditures and investments, major projects, upstream and downstream services, including in comparison to other companies. These statements may include statements such as “aim,” “believe,” “expect,” “seek,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” may have”, “probably”, “should”, “could” and other words and terms with similar meaning or their negation precede or follow. 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