News

Saudi Scientists From KAUST Find New Way To Store CO2

The new method for storing and transporting carbon dioxide in solid form could have a huge impact in fighting climate change.

Published

1 year ago

May 8, 2023

Nour Nasir

KAUST

Scientists from Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) have discovered a novel way to store and transport CO2 in the form of a powder.

The breakthrough discovery was made by a team of scientists led by Professor Cafer T. Yavuz of KAUST. The researchers created a mesh-like clathrate structure, which can physically trap molecules of one component within the crystal structure of another.

This clathrate structure proved to be a more energy-efficient way to trap and store greenhouse gasses, as it requires no refrigeration, making it much more energy efficient than current systems.

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“Our team made it possible to carry CO2 in a solid form without the need for refrigeration or pressure. You will be able to literally shovel CO2-loaded solids from now on,” explained Professor Yavuz. “The impact is wide and strong, as the global fuel industry and the kingdom entities are actively looking for ways to capture, store and transport CO2 without significant energy penalties”.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.