Aramco’s global venture arm Aramco Ventures led a USD 30 mn Series A funding round for US-based climate-tech startup Spiritus, according to a press release. California VC firms Khosla Ventures and TDK Ventures, along with Tokyo’s Mitsubishi Heavy Industries America also participated in the round.

Where will the money go? The funds will be used to scale up Spirtius’ direct capture technology by accelerating its three major carbon capture facilities.

Not Aramco’s first rodeo with Spiritus: Aramco inked an MoU in May of last year with Spiritus to explore potential investments in direct air capture to help address challenges related to the implementation of the technology due to its high costs.

ICYMI- Aramco Ventures is making significant investments in climate tech: Aramco Ventures participated in US-based CarbonCapture’s USD 80 mn Series A funding round in May 2024. Additionally, it invested USD 10 mn in Singapore-based renewable energy certificate service provider Redex back in November 2023, and backed new technology from American start-up Rondo Energy earlier in August 2023.

IN OTHER STARTUP NEWS-

Homegrown prop-tech startup Ajras raised USD 1.5 mn in a pre-Series A round led by Riyadh-based incubator Veda Holding, according to Waya Media. No further information was disclosed.

About Ajras: Founded in 2022 by Muath Aljubailan (LinkedIn), the company operates as an intermediary between property owners and tenants, providing flexible solutions to businesses and individuals, with a focus on monthly rental payments instead of traditional annual or semi-annual leases.

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