Aramco Ventures to Receive $4 Billion Investment

Aramco, one of the world's leading integrated energy and chemicals companies, has allocated an additional USD 4 billion to its global venture capital arm Aramco Ventures. The capital allocated to Aramco Ventures will more than double, increasing the total investment allocation from USD 3 billion to USD 7 billion. Aramco's overall venture capital allocation will reach USD 7.5 billion, including the USD 500 million venture capital fund Wa'ed Ventures, which focuses on the start-up ecosystem in the Kingdom of Saudi Arabia. This decision reflects the growing importance of Aramco's venture capital program in enabling the development of breakthrough new technologies, creating diversification opportunities for Aramco, and opening the way for collaborations with innovative start-ups. In doing so, it aims to advance the Company's long-term strategy, which includes focusing on new energies, chemicals and transition materials, diversified industrial operations and digital technologies. Ahmad Al Khowaiter, Vice President of Technology and Innovation at Aramco, said: "Innovation is the key to overcoming some of the fundamental challenges the world faces today, including the energy transition. Through Aramco Ventures, we aim to support pioneers with ambitious goals and ultimately help them bring their ideas to life. By providing an additional USD 4 billion in financing over the next four years, we aim to provide the financial support needed to take game-changing solutions to the next level. This will provide significant momentum to businesses at various stages of development around the world, while also contributing to Aramco's own long-term objectives." Prior to the new capital allocation, Aramco Ventures managed three funds. These are the USD 500 million Digital/Industrial Fund, which invests in technologies of strategic importance to Aramco; the USD 1 billion Prosperity7 Fund, which invests in disruptive technology ventures beyond the energy sector; and the USD 1.5 billion Sustainability Fund, which invests in start-ups with the potential to support Aramco's goal of achieving net zero Scope 1 and Scope 2 greenhouse gas emissions in the assets it fully owns and operates by 2050. Source