The world's largest oil producer, Saudi Aramco, is investing millions of dollars in the Japanese drone and air mobility company Terra Drone in an effort to support Saudi Arabia's long-term plan to lessen the country's reliance on hydrocarbons, reported first by Forbes on Tuesday, Jan. 24.
Saudi Aramco is funding $14 million in Terra Drone through its $200 million venture capital unit Wa'ed Ventures. Terra Drone will then utilize the funds to establish the subsidiary, Terra Drone Arabia.
Terra Drone Arabia
The new unit will perform oil-gas inspection services for the business, creating local jobs and advancing the growth of the Middle Eastern drone sector, according to the companies.
It is worth noting that Terra is one of the top two drone service companies in the world, and it sees its new unit as a chance to continue its international growth. In ten nations, Terra Drone now offers drone and urban air mobility (UAM) solutions.
The investment by Saudi Aramco is a direct response to Vision 2030, which is Saudi Arabia's plan to develop and diversify the country's economy while lowering its reliance on hydrocarbons through the employment of cutting-edge technologies like drones for monitoring oil and gas networks.
Additionally, it involves the development of sustainable, cutting-edge cities throughout numerous locations as part of the broad NEOM project, in which Terra Drone will also take part.
All About Terra Drone
Terra Drone specializes in performing inspections in small spaces, mainly on storage tanks, mostly for the oil and gas sector, but they also work with food and beverage, power generation, and other industries.
With the most recent fundraising, Terra Drone intends to launch Terra Drone Arabia and expand the promotion of drone inspections in the country. Additionally, through the new office in Saudi Arabia, the company hopes to expand its worldwide presence in the Middle East and North Africa (MENA).
Terra Drone director Teppei Seki told TechCrunch that the company might soon talk to corporations in Houston, Louisiana, and Texas about the prospect of opening their businesses there.
Terra Drone holds a large number of shares in Unifly, the leading provider of UTM technology, with operations spread throughout Europe and North America.
According to the drone company, sales at its subsidiaries have increased by more than 50% since its previous financing.
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