Saudi Aramco Energy Ventures, a unit of Saudi Aramco, said Wednesday that it has made an undisclosed equity investment in InflowControl AS. Based in Norway, Inflow Control is a provider of inflow control technology solutions.
Dhahran, Saudi Arabia and Porsgrunn, Norway – August 28, 2013 – Saudi Aramco Energy Ventures LLC (SAEV), the corporate venturing subsidiary of Saudi Aramco, today announced the closing of an equity investment into InflowControl AS.
CEO Vidar Mathiesen, InflowControl said: “We are delighted to have received this investment from SAEV. In addition, the Middle East is an important region for our business and the backing of SAEV will help provide the credibility and support we need to bring our innovative technology into the market. We are looking forward to demonstrating the full potential and advantages of the AICV® technology.”
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV’s mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.
For more information about SAEV, please see Saudi Aramco Energy Ventures.