13/02/2020 – News / Energy / Renewables / Technology / Saudi Aramco Energy Ventures
SAEV to invest $500m in renewables and efficiency tech to diversify energy mix
Saudi Aramco Energy Ventures (SAEV), the corporate venture capital arm of KSA’s state-owned oil giant, is planning to set up a US$500m fund to promote energy efficiency and renewable energy solutions.
Bhavana Sri Pullagura, Power Analyst at GlobalData, has commented that the already successful start-ups and the appetite for investments are prompting SAEV to invest more funds into start-ups that seek to reshape the energy industry in the Kingdom.
“The investments in low-carbon technologies and clean energy start-ups will help SAEV gain access to areas that could become industry-changing technologies in time,” the analyst noted. “SAEV is now keen on investing in China, the world's second-biggest economy, and has turned its focus towards Asian markets. The office in Beijing will help execute its investment strategy.”
In line with Saudi Arabia's Vision 2030 target to generate 9.5 gigawatts (GW) of renewable energy by 2030, SAEV is planning its investments to promote energy efficiency and renewable energy solutions. To this end, SAEV has already invested in various start-ups, advised Pullagura – “ranging from prototypes to early stage, in order to gain access to cutting-edge technologies such as super long duration grid storage, kerfless wafers technology, Membrane Aerated Biofilm Rector (MABR) technology, end-to-end digital twin of electric grid, ground-breaking advanced manufacturing technology and catalyst-free scrubber technology.”
The new investments will serve to advance the technologies of such existing start-ups as well as fund new projects, as the energy sector continues to evolve.