SAEV to Invest in Novomer’s Plant to Manufacture CO₂-based Polyols

Dhahran, Saudi Arabia and Waltham, Massachusetts -- Saudi Aramco Energy Ventures LLC ("SAEV") the corporate venturing subsidiary of Saudi Aramco, has led an investment into Novomer Inc., an emerging sustainable chemistry company pioneering a family of high performance, environmentally responsible polymers and chemical intermediates. All existing Novomer investors also participated in the financing.

Novomer Inc. has developed two platform chemical technologies based on proprietary catalysts that facilitate the transformation of carbon dioxide (CO₂) and carbon monoxide (CO) together with propylene oxide (PO) or ethylene oxide (EO) into economically competitive, high-performance industrial products: polyols and chemical intermediates, including acrylic acid.

SAEVs investment will fund ongoing development of the technology platforms as well as construction of a market development plant to manufacture CO_2-based polyols and the enhancement of Novomers sales and marketing organization.

Jim Mahoney, Novomer CEO, commented "We are extremely excited to have SAEV join the Novomer investment group. This investment will allow us to execute fully on our product development and organizational growth plans over the next several years. Additionally, Saudi Aramcos process expertise and position in global petrochemical markets will be a tremendous asset for Novomer as we commercialize our technology platforms."

About Saudi Aramco Energy Ventures

Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco) the worlds leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEVs mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.

About Novomer Inc.