Oil and gas conglomerate Aramco Oil Company has injected an extra $4bn into Aramco Ventures to further push development in disruptive technologies.
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Energy and chemicals corporation Aramco Oil Company plans to invest an additional $4bn into its corporate venture capital firm Aramco Ventures over the next four years.
The extra allotted capital has increased Aramco Venture’s total investment size from $3bn to $7bn. In addition, Aramco’s overall venture capital finances will be worth $7.5bn, including $500m from another of the corporation’s venture capital funds, Wa’ed Ventures.
The investment reflects Aramco’s plan to support the development of disruptive technologies and advance long-term company strategy. Aramco hopes to support innovations in new energies, chemicals and transition materials.
“By injecting an additional $4bn in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level. This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s long-term objectives,” said Ahmad Al Khowaiter, vice president of technology and innovation at Aramco.
Founded in 2012, Aramco Ventures invests in the carbon management, renewables and energy storage sectors, as well as IT and chemical manufacturing. The firm has 66 companies in its portfolio and has invested in 129 startups such as Acceldata, Pulsora and Boston Metal.