Phaze Ventures Joins Forces with OQ to Transform Future of Energy

Phaze Ventures, Oman's first private venture capital firm, and OQ, Oman’s global integrated energy services company, today announce the signing of a Memorandum of Understanding which will see the organisations work closely together to develop, deploy and invest in disruptive energy technologies from across the globe.

The agreement incorporates several areas of collaboration in support of the two organisations’ core missions, bringing together Phaze Ventures technology and investment ecosystem, which includes the middle east's first energy focused startup accelerator program SparkLabs Energy, with OQ’s global operating platform and industry leading expertise. The agreement will see the two companies work together in a number of areas including investments, talent development, technology incubation and piloting.

Commenting on the agreement, Abdullah Al-Shaksy, CEO and Co-founder at Phaze Ventures, says: “We are on a mission to provide disruptive technology companies with the early-stage investments and strategic support they need to transform traditional industries such as the global energy and logistics sectors."

“This agreement marks an important step on that journey. Strategic partnerships with forward thinking global players such as OQ allows us to provide innovators with the unique opportunity to develop and deploy their offering and, ultimately, supercharge their growth.”

The agreement follows Phaze Ventures’ partnership with Petroleum Development Oman in 2018, further solidifying their position as a key player in the future of the regions’ energy transition, and builds on OQ latest digitization and innovation initiatives.