Aramco Ventures, the venture capital arm of Saudi Aramco, has announced its investment in Ucaneo, a Germany-based climate tech company, through a seed funding round worth €6.75 million. This move underscores Aramco’s commitment to supporting innovative technologies that contribute to achieving carbon neutrality.
Ucaneo specializes in developing Direct Air Capture (DAC) technology, which aims to remove carbon dioxide from the atmosphere. This technology is a critical tool in helping industries transition to net-zero emissions by providing a robust and reliable solution for managing carbon footprints.
Recently, Ucaneo launched its first industrial pilot project, capable of capturing 30-50 tons of CO2 annually, making it one of the largest DAC pilot projects in Germany.
On this occasion, Florian Tiller, Co-Founder and CEO of Ucaneo, stated: “We are delighted to welcome Aramco Ventures as one of our investors. For us, it was essential to find a partner who not only supports our expansion efforts but is also deeply committed to playing a leading role in the energy transition.
Only through impactful scaling and strong partnerships can innovative technology developers like Ucaneo enable the world to build a truly carbon-free economy.”
Bruce Niven, Executive Director at Aramco Ventures, commented: “Direct Air Capture technology, if achieved at a competitive cost, can play a crucial role in global decarbonization. Ucaneo’s approach has the potential to deliver an effective and highly efficient solution. We are excited to partner with Ucaneo’s innovative team to advance this technology towards widespread adoption.”
This investment is part of Aramco Ventures’ strategy to support cutting-edge technologies that contribute to sustainability and carbon neutrality goals, reflecting the company’s commitment to driving the energy transition.
