Saudi Venture Capital Co. invests $1bn, strengthening Kingdom’s VC leadership

RIYADH: Saudi utility giant ACWA Power has signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom’s climate.

The first agreement, inked during ACWA Power’s third flagship Innovation Days event, involves the development of an advanced photovoltaic energy forecasting project. The initiative will use big data analytics and machine learning to improve solar power generation predictions.

By improving forecasting accuracy, the model aims to strengthen grid stability, optimize energy dispatch, and improve microgrid management.

The second deal focuses on measuring the efficiency and durability of vanadium flow battery technology in Saudi Arabia’s climate. This initiative will examine how well these batteries can store energy over extended periods and contribute to the increased use of renewables, particularly for water desalination.

This undertaking aligns with the Kingdom’s strategic push for clean energy, reinforcing the initiative’s goal to advance collaboration in renewables and hydrogen technologies while solidifying the nation’s role in the global energy transition.

“By investing in cutting-edge desalination technologies alongside renewable energy innovation and green hydrogen production solutions, we are paving the way for a more resilient and sustainable energy and water infrastructure in Saudi Arabia,” said Thomas Altmann, executive vice president for Innovation and New Technology at ACWA Power.

Four other agreements were signed by ACWA Power with UK-based Bluewater Bio, global chemicals producer Dow, Australian hydrogen electrolyzer manufacturer Hysata, and King Abdullah University of Science and Technology.

ACWA Power and Bluewater Bio partnered to test advanced filtration technology for desalination projects in Saudi Arabia, with the aims of enhancing the efficiency and sustainability of the process.

Additionally, a desalination-related agreement was signed with Dow to test its anti-scaling chemicals at ACWA Power’s pilot facility.

This initiative aims to gather valuable data on the effectiveness of these chemicals in preventing scaling and contributing to the development of more sustainable solutions.

A pilot agreement between ACWA Power and Australian hydrogen technology company Hysata will focus on advancing cost-effective green hydrogen production, and will facilitate an in-country demonstration of the firm’s high-efficiency electrolyzer technology in the Saudi Arabia. 

In addition, ACWA Power and KAUST have extended their master research agreement, to further strengthen their partnership in innovative sustainable solutions for water desalination and solar energy.

Since 2019, the two entities have jointly operated the Center of Excellence for Desalination and Solar Power, fostering research and innovation to support the Kingdom’s ambitious sustainability agenda. 

These agreements underscore Saudi Arabia’s commitment to technological advancement and energy transition, reinforcing its leadership in the global shift toward renewables and sustainable water solutions.

The utility company also signed a framework agreement with Fraunhofer IMWS, Fraunhofer ISC, and Fraunhofer IWES, initiating a strategic collaboration in renewable energy and green hydrogen research and development.

This partnership aims to drive innovation in the clean energy sector by leveraging Fraunhofer's expertise in materials science, energy systems, and hydrogen technologies.

The agreement lays the groundwork for joint research initiatives focused on enhancing efficiency, sustainability, and technological advancement in the global energy transition.

Under the theme Innovate for Impact, the inaugural three-day event was held in Riyadh from Feb. 3 to 5, and welcomed over 1,000 delegates.

Held under the patronage of the Ministry of Energy, the gathering focused on elevant technologies brought together government dignitaries, industry leaders, and innovators, researchers, and academics to discuss  accelerating the deployment of new technologies, institutionalizing foresight and forward-thinking in the energy transition landscape, and making significant contributions to the realization of Saudi Arabia’s Vision 2030.

RIYADH: Saudi Arabia is exploring collaboration opportunities with India’s largest business conglomerate TATA Group in multiple sectors, including military, aviation, and electronics. 

According to a Saudi Press Agency report, the Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, met with officials of the group’s affiliates, TATA Defense, TATA Electronics Limited, and TATA Steel, where he discussed cooperation avenues. 

During the meeting, the Saudi minister outlined the economic diversification goals of the Vision 2030 program and highlighted investment opportunities in the country’s industrial sector.

The Indian conglomerate’s affiliate TATA Motors is already operating in Saudi Arabia, with the automobile manufacturer celebrating its 30th anniversary in the Kingdom in November. 

India and Saudi Arabia share a strong trade and bilateral relationship, and according to the latest report by the General Authority for Statistics, India was the second favorite destination for the Kingdom’s non-oil exports in November, with outbound shipments to the Asian nation amounting to SR2.52 billion ($670 million) — a rise of 19.43 percent compared to the previous month. 

During the meeting with Alkhorayef, Sukaran Singh, CEO of Tata Defense, showcased the company’s products, including military aircraft and vehicles. 

He also highlighted the firm’s expertise in designing, building, and operating military factories. 

TV Narendran, CEO of Tata Steel, showcased the company’s expertise in exporting materials in the construction, automotive, and supply chain sectors across various international markets. 

SPA added that Tata Electronics and Saudi Arabia’s National Industrial Development Center also discussed potential collaboration opportunities to foster the development of the semiconductor industry within the Kingdom. 

Alkhorayef’s visit to India had already seen a new deal prior to the latest meeting, with the countries agreeing to strengthen cooperation in the critical minerals sector on Feb. 4. 

The Saudi official and Indian Minister of Coal and Mines G. Kishan Reddy discussed building a resilient mineral supply chain to reduce import dependency and promoting joint ventures in the critical minerals sector to support the energy transition journey. 

Alkhorayef began his visit to India on Feb. 3, leading a high-level delegation from the industry ministry and the Local Content and Government Procurement Authority. The meeting aimed to enhance industrial collaboration with India and attract high-value investments.

Earlier this month, Saudi Arabia’s Deputy Minister of Finance for International Relations Khalid Bawazier met with Suhel Ajaz Khan, ambassador of India to the Kingdom, where they discussed bilateral relations and other issues of common interest.