US-based gas-to-fuel company Siluria Technologies secured $30m in funding yesterday led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing unit owned by energy and chemicals producer Saudi Aramco.
Founded in 2008, Siluria’s technology can produce fuel and chemicals made from natural gas, of which Saudi Arabia is one of the world’s biggest producers.
The funding, which is the first tranche of a series D round that could reach $50m once Siluria concludes ongoing talks with potential strategic investors, also included all its existing backers.
Siluria has raised almost $100m in total from Presidio Ventures, which operates as the US corporate venturing arm of trading firm Sumitomo, Kleiner Perkins Caufield & Byers, Alloy Ventures, Altitude Life Science Ventures, Lux Capital, Vulcan Capital, Bright Capital and Wellcome Trust.
Siluria CEO Ed Dineen said: “We are very pleased to welcome SAEV as a major investor in Siluria, and look forward to exploring opportunities to work together on the strategic front.”