Jan 19, 2025
Fleet Space, Australia’s leading space exploration company, and Tahreez, a visionary smart solutions provider and subsidiary of Alturki Holding, announced a joint venture to accelerate exploration of the Arabian Shield with the latest advances in space technology and AI - bringing new capabilities to the Kingdom of Saudi Arabia’s dynamic mining sector in support of Vision 2030.
This joint venture opens a base of operations in the Kingdom, combining Tahreez’s deep smart solutions expertise and Fleet Space’s end-to-end exploration platform, ExoSphere, into a strategic technology resource to further KSA’s leadership in sustainable mining and the global mineral value chain. This venture is part of a broader commitment to proactively contribute to Saudi Arabia’s comprehensive sustainable development to achieve the Kingdom’s vision.
“In support of Vision 2030, we aim to enhance the speed, sustainability, and precision of exploration by integrating modern mining operations in the region with real-time exploration capabilities enabled by AI and space technology,” said Mr. Francesco Fidicaro, Managing Director of Tahreez. “As an exploration-ready partner to KSA’s dynamic mining sector, this joint venture will catalyse innovation and momentum for the Kingdom as a fundamental pillar to the global mining industry.”
Building on the innovations in real-time exploration and sustainable mining unlocked by ExoSphere, Fleet Space recently secured a USD $100M funding round, achieving a valuation of USD $525M, led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan. The investment will enhance ExoSphere’s capabilities, which combine Fleet Space’s satellites in low Earth orbit (LEO), smart sensors, and AI to accelerate the acquisition, processing, and integration of exploration datasets. This approach - used by global mining leaders like Rio Tinto, Barrick, and Gold Fields - delivers data-driven targeting insights within days while reducing environmental impact at scale.
“Frontier technologies in AI and space are rapidly converging to unlock new capabilities for the global mining industry that have been impossible for generations,” said Co-Founder & CEO of Fleet Space Technologies, Flavia Tata Nardini. “We’re honoured to embark on this joint venture with Tahreez and support KSA’s bold strategy for national transformation, economic diversification, and global leadership in sustainable exploration in line with Vision 2030. Together, we aim to maximise the ROI of the Kingdom’s investments in exploration - providing the tools to pursue its visionary growth targets in the mining sector over the coming years.”
Part of Alturki Holding’s portfolio, Tahreez stands as a leading smart solutions provider, delivering tailored and innovative technologies to enhance efficiency and maximize returns for critical infrastructure projects across the Kingdom. Based in Riyadh, Tahreez offers premier engineering services to both public and private organizations, advancing the Kingdom’s national transformation plan with custom solutions designed to enhance quality of life, inclusivity, and accessibility. Maysaffron, a strategic research and fund advisory firm, advised Fleet Space on the ideation and formation of the joint venture.
For the exploration results and sustainability benefits unlocked by ExoSphere, Fleet Space was named the winner of the Innovation and Business Expansion categories at the Mining Technology Excellence Awards 2024 and received the Climate Technology Impact Award at the Banksia Foundation’s 35th National Sustainability Awards. Fleet Space is also driving new capabilities in off-world exploration with the lunar variant of ExoSphere, known as SPIDER, which is slated for deployment on the Moon in 2026 to unlock new insights about the lunar regolith.
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