Abu Dhabi’s Presight has announced its acquisition of a controlling stake in AIQ, an AI for Energy joint venture established in 2020 by ADNOC and G42.
This agreement aims to capitalize on ADNOC’s prominent position as a national oil and gas company, combining the AI Energy solutions offered by AIQ with Presight’s expertise in big data analytics, generative AI, and supercomputing. The deal further aims to expedite AI innovation and cultivate cutting-edge energy and industry solutions.
The acquisition represents a transformative expansion for Presight, as it enables the company to enter the energy sector vertical. This move unlocks substantial growth potential, generates significant incremental revenues, and is expected to provide added value for Presight’s shareholders.
Read more: Presight AI seeks $495 million from IPO
Over 60 percent increase revenue growth from 2022 to 2023
Moreover, AIQ experienced impressive revenue growth of over 60 percent from 2022 to 2023. This growth can be attributed to its AI tools, which encompass more than 20 applications and 16 filed patents. These tools have enhanced efficiency and unlocked value for ADNOC, which will continue to be a crucial source of revenue for AIQ through its demand for AI solutions in the energy sector.
Mansoor Al Mansoori, chairman of Presight, “With the formidable force of ADNOC joining existing shareholders like IHC and G42 we believe we will turbocharge AI solutions for the energy sector and are excited about our potential to deliver beneficial societal change.”
For his part, Thomas Pramotedham, chief executive officer of Presight, said, “Our acquisition of AIQ is in line with our strategy to expand our solutions portfolio and further reinforces Presight’s commitment to create safer, healthier, happier and more sustainable societies through AI problem solving to enable lifelong human advancement.”
As part of the agreement, ADNOC will retain a 49 percent interest in AIQ and has also acquired a minority shareholding in Presight.
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