Tüpraş Makes Technological Investment in Partnership with Emerald

Tüpraş has signed a long-term cooperation agreement with Emerald Industrial Innovation Fund, an International Venture Capital Fund, to invest in new technology companies in the United States and Europe. Tüpraş, which actively pursues open innovation initiatives in Turkey, aims to reach new technology companies operating abroad through the Emerald partnership.

In a time when the energy sector is rapidly changing, Tüpraş, the leading company in the industry, has taken on a pioneering role by signing a cooperation agreement with Emerald Technology Ventures' industrial innovation fund, the Emerald Industrial Innovation Fund.

Through this agreement, Tüpraş, as an investor in the Emerald Industrial Innovation Fund, aims to contribute to energy transition, increase competitiveness in its current operations, and closely monitor future business opportunities by investing in new technology startups in the United States and Europe. Operating with offices in Zurich, Toronto and Singapore in the fields of energy, water, advanced materials and industrial information technologies, Emerald has managed assets exceeding USD 660 million to date and invested in more than 60 new technology companies. Levent Zağra, Deputy General Manager responsible for Investments and Planning at Tüpraş, who stated that through this cooperation they aim to track operational and strategic technologies that will impact the entire energy sector and particularly position themselves within developments with disruptive potential, said: "Our primary objective is to access startup companies operating in the United States and Europe. With our crude oil processing capacity of 30 million tons, we are Europe's 7th largest refinery. While modern refining operations involve technologically mature crude oil processing processes, they also require benefiting from new technologies such as data analytics, nanotechnology, robotic applications, and IoT. In this way, we support our energy efficiency, sustainability, workplace safety processes and competitive strength. Through our Emerald partnership, we plan to increase and diversify our investments by reaching new technology companies operating abroad," he said. Zağra, noting that Tüpraş aims to strengthen its strategic foresight by closely familiarizing itself with emerging technologies through this investment, continued as follows: "Discovering tomorrow's businesses and investing in these areas, as well as finding new growth areas, are also among our objectives.

To prepare Tüpraş for the future, our investments in technology, innovation and research and development always constitute our priority agenda.

Our company, which participates in the Koç Group Innovation Program, has been running an "Internal Entrepreneurship Program" where our employees transform innovative ideas into commercial value since 2017. At the same time, we collaborate with many startup companies within Turkey's entrepreneurship ecosystem; we serve as business partners, sponsors and mentors in acceleration programs, competitions and similar events for entrepreneurs in our country. We view new technologies and business models as the most important channel to increase our competitive strength. Pointing out that initiatives in the innovation field have an important effect that could be called a cultural transformation, Zağra stated: "Ideas learned from external sources, inspiration received and the startup spirit create a leverage effect for work conducted in all units of Tüpraş.

It brings faster, more innovative and readily adaptable characteristics to our corporate culture," he said.

Gina Domanig, Emerald Managing Partner, said: "At Emerald, we are pleased that Tüpraş, Europe's 7th largest refinery and one of the Mediterranean's most complex refineries, is building partnerships with innovative startups and will be collaborating with us in open innovation activities. Emerald has been conducting long-term innovation partnerships with international energy companies. With Tüpraş's participation, we will continue to strengthen our work in the field of industrial technologies in the energy sector," she said. Domanig, noting that since its founding in 2000, Emerald has brought together established industrial companies and entrepreneurs to create an open collaboration ecosystem and generate long-term strategic added value for all parties, added: "Change has now become a constant across every sector. Disruptive technologies and business models are reshaping existing models, uncovering new potential and forcing established industries to reconsider their business models. Tomorrow's companies will need to transcend traditional corporate boundaries, reinvent their business models, embrace new technologies and operate in new ways in order to succeed. Open innovation is not merely about connections and agreements; it also enables the creation and strengthening of an ecosystem that includes stakeholders contributing to transformation. Given the number of players in sectors and the fast-moving nature of change, there are numerous startups and creative activities that need to be tracked and evaluated. To increase efficiency in such an environment, connections must be established, stakeholders' long-term objectives must be aligned, and increasingly complex relationships must be supported as they develop. Working with a partner in this process increases efficiency and effectiveness, thereby improving the chances of success in open innovation activities."