Injazat, Lamprell announce joint venture for digital energy solutions

Technology firm Injazat and energy services firm Lamprell have announced a joint venture (JV) to develop digital solutions for the renewable energy sector as well as oil & gas industries.

The JV launches with initial funding of $7m split equally between the partners which will be invested in 2021.

The yet to be named 50-50 JV will be registered inside the Abu Dhabi Global Markets financial centre. Directors will be appointed from both parties, as well as independently, and will create independent revenue streams.

“Establishing new markets with strategic partners such as Injazat and its parent company G42 is fundamental to the evolution of our digital business,” said Christopher McDonald, chief executive officer of Lamprell said.

“Lamprell’s digital business unit allows us to focus on monetising our unique experience and know-how whilst continuing to improve our traditional businesses through the application of emerging digital technologies.

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Digitalisation is a major trend in the energy sector. It involves the application of new digital technology, such as cloud computing, IoT, AI and blockchain to energy.

“We believe that digital transformation is best achieved through partnership and co-creation that harnesses the experience and capabilities of partners to create new value,” said Ussama Dahabiyeh, CEO of Injazat.

“Lamprell brings a wealth of knowledge in the domain and we bring our digital experience, venture building capability and ecosystem.”