Spiritus Unveils Ambitious Climate Tech Plans Backed by Aramco Ventures' $30m Investment
Deal News | Mar 11, 2025 | Zawya
Aramco Ventures, the investment arm of Saudi oil giant Aramco, has led a $30 million Series A funding round in Spiritus, a US-based climate technology company. Spiritus aims to produce direct air capture (DAC) technology that significantly reduces the cost of carbon removal, with a goal of decreasing the price to $100 per tonne of CO2 from its current $1,000 per tonne. This investment is part of Aramco Ventures’ larger commitment to support climate initiatives, having raised its investment allocation to $7 billion last year. The funding will assist Spiritus in expanding its climate solutions globally, enhancing efforts to decarbonize economies, including that of Saudi Arabia. This move underscores DAC technology’s potential to contribute to reducing carbon emissions in hard-to-abate sectors, as highlighted by Bruce Nieven of Aramco Ventures.
Sectors
- Climate Technology
- Energy
- Venture Capital
Geography
- United States – The location where Spiritus, the climate technology company receiving the investment, is based.
- Saudi Arabia – Aramco Ventures is based in Saudi Arabia, and the country is also a target area for the deployment of Spiritus’s climate solutions.
Industry
- Climate Technology – The development and application of technologies aimed at combating climate change and reducing carbon emissions. Spiritus is a company operating in this sector.
- Energy – Aramco Ventures is part of Saudi Aramco, an influential entity in the global energy sector, which utilizes investments to diversify and support sustainable solutions.
- Venture Capital – Aramco Ventures' role as an investor in Spiritus demonstrates its involvement in venture capital, funding innovative startups in climate tech.
Financials
- $30 million – The investment amount led by Aramco Ventures in the Series A funding round for Spiritus.
- $7 billion – Aramco Ventures' total investment allocation raised last year to support sustainable initiatives.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aramco Ventures | Lead Investor | Company | The investment arm of Saudi Aramco, focused on funding innovative and sustainable projects. |
| Spiritus | Target Company | Company | A US-based climate tech company developing direct air capture technology. |
| Saudi Aramco | Parent Company of Aramco Ventures | Company | A major Saudi oil company that is diversifying its investments into renewable and sustainable technologies. |
| Bruce Nieven | Executive Managing Director of Strategic Venturing | Person | An executive at Aramco Ventures involved in strategic investments. |
| Cleofe Maceda | Writer | Person | Author of the press release written for Zawya. |
| Seban Scaria | Editor | Person | Editor of the press release for Zawya. |