Wednesday, August 20, 2014

Saudi Aramco Invests In Natural Gas-to-Gasoline MIT Spinout

Saudi Aramco is the world's most valuable company, worth maybe $10 Trillion according to the FT.
A bit under a billion dollars a day revenues.
Pretty good margins.
From xConomy San Francisco:
Siluria Bags $30M from Saudi Aramco for Natural-Gas-to-Gasoline Tech 
Many startups are seeking to take advantage of cheap and abundant natural gas to make chemicals and fuels, but Siluria Technologies is one of the few moving to large-scale production.

The San Francisco-based company today said that Saudi Aramco Energy Ventures has invested $30 million of a planned $50 million Series D round expected to close this year. It’s the first time that Siluria has taken on a strategic investor, rather than financial investors, a move that could lead to Saudi Aramco using Siluria’s natural gas-to-chemicals process.

The money will be used to complete construction of a demonstration plant in La Porte, TX and continue research into using Siluria’s technology in other areas. Siluria expects to be operating two commercial-scale plants in 2017: one for producing the chemical ethylene and one for making gasoline from natural gas, says Rahul Iyer, the company’s vice president of corporate development.

Siluria’s technology uses catalysts to synthesize methane into more complex—and valuable—molecules, a fundamentally different approach to making the chemicals and fuels used in the petrochemical industry....MORE
We'll be back with more tomorrow .
For our journalist friends here are some of the MIT connections:
MIT's 2014 50 Smartest Companies
More on the Tech Review 50
Co-founder, Director Angela Belcher--look her up.

Kleiner, Paul Allen’s Fund Back Natural Gas to Chemicals Tech
The 50 Smartest Companies of 2014 (Apple's not one of them)