In an effort to accelerate the development of new lower-carbon energy solutions, the Saudi Arabian Oil Company, Aramco, today announced the signing of three Memorandm of Understanding with prominent American businesses.
Both US Secretary of Energy Jennifer Granholm and Kingdom of Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman al Saud, witnessed the signing of the Memorandum of Understanding.
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It signed memorandums of understanding with Spiritus, Rondo, and Aeroseal.
After Aeroseal’s technology proved successful in Saudi Arabia, Aramco and Aeroseal decided to look into ways to speed up the technology’s deployment in the company’s building fleet and other locations; jointly test building ductwork and envelopes across the country to identify the most promising opportunities; commercialise the technology in innovative applications like gas pipelines; and establish Aeroseal’s supply chain locally in Saudi Arabia.
Aramco and Spiritus reached an agreement to investigate prospects in the direct air capture sector. Through the use of a proprietary sorbent material, passive air collection, and a reduction in energy requirements, Spiritus’ innovative approach to direct air capture has the potential to remove carbon from the atmosphere at an adsorption efficiency that can surpass that of current techniques by a factor of ten.
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Aramco and Rondo agreed to investigate heat battery deployment in it’s global plants to cut costs and pollution. The businesses have begun technical studies for a first industrial-scale deployment of Rondo Heat Batteries to reduce its facility emissions, rising to 1GWh.
Ali A. Al-Meshari, Senior Vice President of Technology, Oversight & Coordination, Aramco, said, “Aramco has stated its ambition to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, and sees opportunities to potentially build a lower-carbon new energy business. Innovative technologies deployed at scale can help reduce the costs of reducing carbon emissions, and we are investing in developing these through our R&D, venture capital, and technology deployment programs. We see the technologies of Aeroseal, Spiritus’, and Rondo to have the potential to scale globally, and specifically in the Middle East.”
About Aramco
Aramco Ventures, originally named Saudi Aramco Energy Ventures, is Saudi corporate venture capital division, with a primary focus on funding sustainable companies worldwide.
