Saudi Arabia-based oil company Saudi Aramco’s corporate venturing unit has commited to invest up to $120m per year in European start-ups through Norwegian venture capital firm Energy Capital Management (ECM).

Saudi Aramco Energy Ventures (SAEV), which was formerly founded last month, said ECM would look for early-stage technology companies with products and services useful to Aramco as well as offering potentially “attractive returns on investment”.

Arne Frøiland, a partner at ECM, told newswire Bloomberg: “We are seeking to make three…