Sustainability Aramco Ventures invests in global climate tech startups By Pramod Kumar March 13, 2025, 10:19 AM Pixabay Spiritus, which is receiving funding from Aramco Ventures, is building a 1,000-tonne DAC facility in New Mexico, which will begin operations this year The venture capital arm of Saudi Aramco, the world’s largest listed oil major, has invested in two climate tech startups. Aramco Ventures said it had invested in Ucaneo, a German company that is developing a direct air capture (DAC) demonstration plant expected to be commissioned in the first half of 2026. Ucaneo raised €6.75 million ($7.34 million) in seed funding last September and has launched its first industrial pilot, which is designed to capture up to 30 to 50 tonnes of CO₂ annually. Aramco Ventures did not disclose the size of its investment. “Direct air capture, if achievable at a competitive cost, could play a crucial role in global decarbonisation,” said Bruce Niven, executive managing director at Aramco Ventures. Aramco Ventures also led the $30 million series A funding — typically the second stage in capital raising — for the US-based climate technology company Spiritus. Other companies investing included Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures, Spiritus said. Saudi Aramco’s VC unit to invest $100m in AI startups Saudi Aramco doubles funds for venture capital arm Aramco unit seeks $1bn stake in US telecom software maker The new capital will support Spiritus in developing large-scale carbon capture facilities in the US and abroad, the company said. The US startup is building a 1,000-tonne DAC facility in New Mexico, which will begin operations this year. In January 2024 Aramco more than doubled the capital allotted to its venture capital arms to $7.5 billion as part of its investment in new energy and digital technologies.
