Presight AI takes 49% stake in ADNOC energy AI player

Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced on Wednesday.

The deal involves a new shareholding structure for ADNOC and G42’s jointly founded AI player, AIQ, which was previously held 60% by ADNOC and 40% by G42. Presight will acquire a 51% stake in AIQ, with ADNOC retaining 49%.

The transaction will combine AIQ’s pioneering AI energy solutions with Presight’s cross-sector big data analytics, product development and international markets access.

The deal saw AIQ valued at more than USD 1.4 billion, as ADNOC is set to receive 4% in Presight shares from G42 in exchange for 11% of its shareholding in AIQ.

“With this acquisition, Presight partners with ADNOC to expand its presence into the strategically important Energy sector, open up international opportunities for AIQ, and together address the global challenges of the energy industry,” Presight said in a statement released on its website.

AIQ was created in 2020 in line with the UAE’s ambition to become a leading global hub in the area of AI.

“The UAE has embraced AI to drive productivity, economic growth and social advancement, with ADNOC laser-focused to become the world’s most AI-enabled energy company, delivering smarter, cleaner and safer energy to the world,” Minister of Industry and Advanced Technology and ADNOC managing director and Group CEO H.E. Dr. Sultan Ahmed Al Jaber said.

“Our partnership with Presight will further AIQ’s capabilities, advance ADNOC’s ambition to pioneer technology and AI to build the energy system of tomorrow, with data integration from the control room to the board room.”