Sahara International Petrochemical Company has announced the establishment of “Sipchem InnoVent” as part of its 2030 Corporate Strategy. InnoVent is the externally focused venture capital arm of Sipchem, investing into startups and companies from their early stages to their scale and growth phases.
Sustainability, advanced and digital technologies and new business models are disrupting the chemical industry and InnoVent aims to be at the forefront of these changes. It aspires to accelerate the energy transition and digital transformation in accordance with the Kingdom’s Vision 2030 to achieve carbon neutrality and to effectively address the evolving demands of customers in global markets by securing access to the technologies that support core businesses and underpin the drive toward circular economy.
Sipchem InnoVent aims to drive innovation by empowering emerging companies through investments in the field of sustainability and manufacturing, propelling them toward a sustainable future. It aims to forge strategic alliances with local and international research and development partners and clients to deliver transformative solutions and business models. In addition to venture capital investments, Sipchem can provide the startups with its experience in expediting commercialization, entering multiple global markets and providing technology support and know-how.
Abdullah bin Saif Al-Saadoun, CEO of Sipchem, said that the founding of Sipchem InnoVent is a strategic step toward investing in new technologies in sustainability, which is in full accord with the company’s strategy. The move also asserts Sipchem’s commitment to reducing carbon emissions and recycling waste from its manufacturing operations, thereby, making it the first step to a circular economy.
“On this occasion, Sipchem confirms its commitment to the pillars of its ambitious strategy, foremost of which is sustainability and investment to achieve growth, profitability and full support to the environment throughout its operations,” the company said in a press release.
