Saudi investment firm Kingdom Holding Company is set to deepen its exposure to climate-focused technology after agreeing to purchase a stake in Breakthrough Energy Ventures from its chairman, Prince Alwaleed bin Talal, in a deal valued at 255 million riyals (about $68 million). 💼⚡
The transaction comes at a notable markdown — roughly 30% below the stake’s estimated fair value. Recent audited financials placed the holding near $98 million, while earlier valuations hovered around $96.6 million in 2022 and $91.4 million in 2023, indicating steady appreciation before the discounted transfer.
Kingdom Holding said it will fund the acquisition using internal cash, underscoring a balance-sheet-driven approach rather than tapping external financing.
Founded in 2016 by Bill Gates, Breakthrough Energy Ventures backs early-stage companies working on climate and clean-energy technologies. Prince Alwaleed originally committed $50 million to the initiative, joining a coalition of global investors pledging more than $1 billion toward accelerating energy innovation. 🌍🔋
Because Prince Alwaleed chairs Kingdom Holding and remains its largest shareholder, the purchase qualifies as a related-party transaction. The structure effectively shifts the clean-energy exposure from the individual investor to the publicly listed investment vehicle.
The reshuffling follows a previous ownership shift in 2022, when Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, acquired a 16.8% stake in Kingdom Holding from the prince — a move that broadened institutional involvement in the company’s shareholder base.
With this latest deal, Kingdom Holding tightens its grip on a strategic climate-tech portfolio, signaling continued interest in long-horizon investments tied to the global energy transition. 🌱📈
