Aramco Ventures invested USD 10 mn in Singapore-based renewable energy certificate (REC) service provider Redex, according to a statement. The funds — secured from investors in the Middle East, South Asia, and Japan — will help Redex expand beyond Asia, the statement notes.

Heading to our neck of the woods: "We are planning to get into the Middle East and Latin America markets in 2024 through the partnership with our strategic investors," Redex founder and CEO Jen-Wee Kang told Reuters. "The first location is probably Saudi Arabia," he added.

Who's Redex? The company runs a utilities platform to register, verify, and retire RECs in Asia. The RECs — each representing 1 MW/h of generated renewable electricity — are traded on the REDEX platform and purchased by companies seeking to offset their scope 2 emissions from fossil-fuel generated power, Reuters adds.

IN OTHER ARAMCO NEWS- Aramco-Total JV converts cooking oil into SAF: Aramco-TotalEnergies JV Satorp has successfully converted cooking oil into sustainable aviation fuel (SAF), The National reports. The project will contribute to TotalEnergies’ goal of producing 1.5 mT of SAF annually by 2030. Satorp has received the International Sustainability and Carbon Certification allowing it to produce SAF to meet an expected rise in Saudi market demand, the news outlet notes.

Not Satorp's first success: The JV processed oil from plastic waste into circular polymers for the first time in the region last July. The process should facilitate the processing of non-sorted plastics and is expected to establish a domestic value chain for the advanced plastic recycling to circular polymers.

Aramco is going big on SAF and e-fuels: The oil giant announced last week that it is bringing online two SAF demonstration projects in KSA’s Neom by 2025. The company signed an agreement to establish a separate e-fuel demonstration plant with Enowa earlier this month. It also partnered with Repsol last year to establish an e-fuels demonstration plant in Spain.