Aramco Ventures doubles down on direct air capture with investments in Spiritus and Ucaneo
Established in 2012 and headquartered in Dhahran, Saudi Arabia, Aramco Ventures manages multiple VC programmes with a total allocation of $7 billion.
Jamie Lane
March 14, 2025
Aramco Ventures is expanding its investment in Direct Air Capture (DAC) technology with major funding rounds for Spiritus and Ucaneo.
US-based Spiritus has raised $30 million in a Series A round led by Aramco Ventures, with participation from Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. The funding will accelerate key carbon capture projects, including a pilot plant in New Mexico and Orchard One in Wyoming, which aims to remove 2 million tons of CO₂ annually.
Aramco Ventures’ investment will also support global expansion, including deployment in Saudi Arabia to advance carbon neutrality goals.
In Germany, Aramco Ventures has also invested in Ucaneo’s €6.75 million seed round to support its DAC technology.
Ucaneo is developing one of Germany’s largest DAC projects, with an industrial pilot capable of capturing 30–50 tons of CO₂ annually.
⏮️ Context
Aramco Ventures is the corporate venture capital arm of aramco. Established in 2012 and headquartered in Dhahran, Saudi Arabia, Aramco Ventures manages multiple VC programmes with a total allocation of $7 billion.
Sustainability Fund: Supports Aramco's ambitions to achieve net-zero Scope 1 and 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, and furthers Aramco's broader environmental objectives.
Industrial Fund: Focuses on industrial technologies that can add value to Aramco's operations.
Prosperity7 Fund: Invests in disruptive technologies and business models outside of the energy industry, aiming to provide financial returns and diversification opportunities for the company.