Saudi Aramco Energy raise funds for Europe
Saudi Aramco Energy Ventures and Energy Capital Management sign venture capital collaboration.
Saudi Aramco Energy Ventures LLC (“SAEV”) and Energy Capital Management (“ECM”) AS have signed an agreement for ECM to support SAEV’s corporate venturing activities in the upstream oil and gas sector in Europe.
Under the terms of this agreement, early stage technology companies will be targeted which have products and services applicable to SAEV parent Saudi Aramco’s operations and which have the potential to provide attractive returns on investment. SAEV and ECM will collaborate on developing SAEV’s presence in the European market, identifying and evaluating strategically relevant investment opportunities, and supporting SAEV’s European portfolio.
Ibrahim Al-Buainain, CEO of SAEV, said: “We are delighted to enter into this agreement with ECM. It brings a highly respected team with established networks in the Europe oil & gas venture capital sector, a presence in key innovation centers in Europe, and a strong track record in oil & gas technology investing. We are confident this collaboration will help us to identify high-potential venture companies for investment by SAEV, and to provide added value to our portfolio.”
Hans Middelthon, a Partner in ECM, said: “The decision by Saudi Aramco to create a new corporate venture capital program is very exciting. This collaboration is the perfect platform for ECM to continue to build on its strong venture capital track record and it provides a unique opportunity for young European oil and gas technology companies to interact with the world’s largest integrated energy company. “
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Arabian Oil Company (Saudi Aramco).
Energy Capital Management (“ECM”) is a European venture capital firm specialized in the oil & gas sector.