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Further to innovating within the kingdom, Aramco actively pursues innovation globally. Aramco Ventures is headquartered in Dhahran, with offices in the US, Europe and China.
Aramco Ventures consists of three different funds; Saudi Aramco Energy Ventures (SAEV), launched in 2012, is a $500 million corporate venture capital program. Investing in technologies that have a strategic value to Aramco, with an emphasis on sustainable solutions. These technologies range from manufacturing hydrogen fuel cells faster and more cheaply using 3D printing, to optimizing shipping performance using artificial intelligence.
Prosperity7, meanwhile, is Aramco Ventures’ diversified growth venture capital program, investing in start-ups outside the energy sector in China and the U.S. The $1 billion program, launched in 2019,has already invested in technologies in open-source semiconductor design, robotics, cloud storage, fintech, blockchain and AI among others.
Aramco Ventures also manages the Company’s participation in the $1 billion, industry-wide Oil and Gas Climate Initiative (OGCI) investment fund, launched in 2017, which focuses on investments in carbon capture (CCUS), methane emissions reduction, and CO2 emissions reduction.
By bringing new technologies into Aramco’s supply chain and identifying emerging technology that the company can be involved in, Aramco Ventures serves as a global tracker of innovation.