Aramco Americas Joins Greentown Labs as Newest Terawatt Partner

Global energy leader deepens engagement with startups developing sustainability and energy transition innovations

SOMERVILLE, Mass. and HOUSTON, April 13, 2023 /PRNewswire/ -- Greentown Labs, the largest climatetech incubator in North America, today announced Aramco Americas as its newest Terawatt Partner—the highest level of engagement with the incubator. Aramco Americas is the U.S.-based subsidiary of Aramco, a world leader in integrated energy and chemicals, and has had a presence in the U.S. for more than 60 years. Aramco Americas is a contributor to the U.S. energy sector through research and development, venture fund activities, and asset ownership, as well as technology and digital transformation.

"Aramco is committed to advancing technology solutions to lower carbon emissions. This partnership with Greentown Labs will deepen our ongoing engagement with climatetech innovators and startups," said Nabeel I. AlAfaleg, President & CEO, Aramco Americas. 

In 2022, Aramco announced its $1.5 billion Sustainability Fund to invest in technology that can support a stable and inclusive energy transition. Managed by Aramco Ventures, the venture capital arm of Aramco, initial focus areas include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia, and synthetic fuels.

To date, Aramco Ventures has invested in 22 innovative startup and high-growth companies in the sustainability sector, including a number of Greentown member companies working in long-duration energy storage, electrification of chemical manufacturing, and zero-emission fuels.

"Aramco Americas and Aramco Ventures have already exemplified what we look for in a partner: support of our entrepreneurs through investment and pilot opportunities; and engaging with our communities in Houston and Boston in the spirit of sustainability and climate action," said Kevin T. Taylor, Interim CEO and CFO of Greentown Labs. "We appreciate Aramco's partnership and are eager to support more mutually beneficial connections between their team and our entrepreneurs."

Through the partnership, Aramco Americas will gain access to an array of curated and customized events and engagements within Greentown's broad network of industry leaders, innovators, and entrepreneurs. Additionally, Aramco Americas will participate in Greentown's Industry Leadership Council (ILC)—a non-governing body that provides strategic guidance and input to Greentown and is committed to climatetech collaboration and innovation. The ILC convenes quarterly to meet new member startups, receive updates from Greentown leadership, discuss climatetech topics and trends, and connect with one another. Jim Sledzik, Managing Director of Aramco Ventures North America, will serve on the ILC.

Aramco Americas is headquartered in Houston, and maintains offices in New York, Washington D.C., Boston, and Detroit. Aramco Ventures will also be deeply engaged in the partnership, and Tibor Toth, Investment Director for Aramco Ventures and long-time climate and energy innovation investor, is based out of Greentown's Boston incubator.

Greentown Labs is a community of climate action pioneers working to design a more sustainable world. As the largest climatetech startup incubator in North America, Greentown Labs brings together startups, corporates, investors, policymakers, and many others with a focus on scaling climate solutions. Driven by the mission of providing startups the resources, knowledge, connections, and equipment they need to thrive, Greentown Labs offers lab space, shared office space, a machine shop, an electronics lab, software and business resources, and a large network of corporate customers, investors, and more. With incubators in Somerville, Mass. and Houston, Texas, Greentown Labs is home to more than 200 startups and has supported more than 500 since the incubator's founding in 2011. These startups have collectively created more than 24,000 jobs, raised more than $4 billion in funding, and generated more than $9.8 billion in regional economic impact. For more information, please visit www.greentownlabs.com or Twitter, Facebook, and LinkedIn.

Greentown Media Contact:
Julia Travaglini
[email protected]
888.954.6836 ext. 1

Aramco Services Company (d/b/a Aramco Americas) is the U.S.-based subsidiary of Aramco, a world leader in integrated energy and chemicals, and has had a presence in the U.S. for more than 60 years. Aramco Americas is a contributor to the U.S. energy sector through research and development, venture fund activities, asset ownership, as well as technology and digital transformation. The company is headquartered in Houston, and maintains offices in New York, Washington D.C., Boston, and Detroit. Aramco Americas is committed to being a positive contributor in the communities where its employees live and work, and to making a difference through outreach that benefits the arts, geosciences, education, and the environment. americas.aramco.com

SOURCE Greentown Labs