Saudi-based Kingdom Holding Company has acquired a stake in US-based Breakthrough Energy Ventures (BEV) from Prince Alwaleed bin Talal bin Abdulaziz Al Saud, the Chairman of Kingdom Holding Company and the largest shareholder, for US $68mn.

The transaction aligns with KHC’s investment philosophy of providing shareholders access to investment opportunities not broadly accessible to the market, while acting as an early investor in innovative and transformative technologies, said Kingdom Holding Company in its filing to Saudi bourse Tadawul.

Headquartered in Washington, BEV is a company that focuses on investing in clean-energy and sustainability technologies aimed at enabling a low-carbon economy.

A company founded by Bill Gates, BEV has emerged as a major investor in companies that develop breakthrough solutions across agriculture, buildings, electricity, manufacturing, and transportation.

The estimated value of the acquired stake amounts to US $98mn based on BEV’s latest audited financial statements. However, the transaction was executed for a total consideration of US $68mn, reflecting an agreed purchase price at a 30% discount to the estimated value.