Saudi Aramco Energy Ventures leads Series A round in Daphne Technology

15.01.2019 11:22

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Cargo vessels
Daphne Technology, an innovator in emissions mitigation technology for the shipping industry, announces it has closed a significant series A financing round. The round was led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Aramco, a global integrated energy and chemicals company.
Daphne Technology’s innovation reduces harmful air emissions from the exhaust of commercial marine vessels, allowing them to be compliant with current and pending International Maritime Organisation (IMO) regulations economically and sustainably. The technology transforms the pollutants into valuable by-products (agricultural fertilisers) and thus is fully circular, producing no waste. This is in contrast with current solutions that produce waste chemicals that are discharged in expensive facilities or into the ocean when allowed. Daphne provides the industry with an option to be ecological and sustainable while giving adopters a competitive edge.

Investors from the energy and chemicals industry
The company has closed a financing round led by Saudi Aramco Energy Ventures and joined by The Innovation Fund, a Belgian fund active in the fields of chemistry and life sciences. Important shareholders of the group include Total and Solvay. A business angel based in Valais is also among the investors.

Richard Riggs of SAEV Europe commented  “We see Daphne’s technology as having the potential to provide significant benefits to the global shipping industry - both environmental and economic- in light of the imminent IMO 2020 regulation. We are proud to include Daphne and its team as members of the SAEV portfolio”. 

François Cornélis, Chairman of The Innovation Fund, stated: “We consider the roll out of Daphne’s technology as a game changer for the shipping and refining industries given the upcoming stricter IMO regulation on fuel consumption and the knock-on effects of this regulation.” 

Industrial pilot side
Mario Michan, CEO of Daphne Technology, commented, “We are delighted to announce this funding round which will allow us to implement an industrial size pilot of our technology, reach certification and start commercialisation. We expect to enter the market in 2019. We look forward to working with SAEV and The Innovation Fund and leveraging their industry network.”

About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran (Saudi Arabia) with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to Aramco.

About Innovation Fund
Created in February 2015, Innovation Fund invests in innovative startups and companies active in the field of chemistry and life sciences. The fund has a capital of EUR 28 million, financed for more than 60% by major companies in the sector, bringing unique industrial support value to the investment projects. The remaining 40% is held by national and regional investment funds, universities, banks and individuals. To date, the Innovation Fund has already invested in 21 companies. The Belgian fund counts Total and Solvay as important shareholders.

(Press release)
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