Siluria Gets Saudi Backing

San Francisco-based petrochemical technology start-up Siluria Technologies has received $30 million in financing in an investment round led by Saudi Aramco Energy Ventures. Siluria is developing an oxidative coupling technology to make ethylene from methane. The Saudi energy giant will be a strategic partner as well as financial backer. Notably, Siluria will conduct a feasibility study for a commercial ethylene plant in the Middle East with Saudi Aramco, according to Siluria CEO Ed Dineen. It already has a similar arrangement with Brazil’s Braskem for a plant in North America. Dineen says the first commercial plants using its technology will have about 75,000 metric tons of annual ethylene capacity. With the latest funding, Siluria has raised nearly $100 million. The company hopes to bring in an additional $20 million as part of the financing round.