SAEV to invest $500m in renewables and energy efficiency technologies

In Saudi Arabia, Saudi Aramco Energy Ventures (SAEV) is planning to set up a $500 million fund to promote energy efficiency and renewable energy solutions.

SAEV is a subsidiary of the kingdom’s state-owned oil producer and recently opened an office in Beijing, China to scale up its presence in the country, said CEO Majid Mufti as reported by GreenTechMedia. SAEV currently has offices in Houston, Boston, Aberdeen, Norway and London.

The fund launched in 2012 with a $500 million budget to invest in startups around the world, according to GreenTech Media, so this will be its second large investment launch.