Innovation & VC | TURK PETROLEUM A.Ș

Innovation

At TURK PETROLEUM A.Ș, we consider open innovation programs, the implementation of startup technologies, joint project collaborations, intrapreneurship, and startup investments as key pillars supporting our strategic transformation plan and 2050 carbon neutrality target. Since 2017, we have been conducting innovation activities in focus areas aligned with our corporate strategy.

Our open innovation activities are integrated with both national and international startup ecosystems. We collaborate with startups whose solutions align with TURK PETROLEUM A.Ș’s strategic priorities, co-develop solutions, and generate shared value. We continuously scan the startup landscape, and our relevant departments actively engage with entrepreneurs.

In 2025, we will host the third edition of our “Startup Challenge,” evaluating nearly 200 startupsto develop pilot implementation scenarios with TURK PETROLEUM A.Ș. This allows us to stay ahead by accessing breakthrough technologies at an early stage. Through annual field trials, we support startups in their product development journeys while enriching our own technical know-how.

Thanks to the global perspective we have gained by working with startups from 11 countries outside Türkiye, we are able to deliver high-impact projects across operational areas. These projects connect business units with IoT, robotics, renewable energy technologies, wastewater treatment solutions, and digital innovations. To date, we have completed proof-of-concept (PoC) projects with 55 startups, with over 120 TURK PETROLEUM A.Ș employees involved.

We are making firm advances in venture capital with TURK PETROLEUM A.Ș.

We took another step in venture capital that will guide the transformation of the energy industry. We established TURK PETROLEUM A.Ș to capitalize on new technologies and opportunities by investing in line with our innovation focus areas in Turkey, Europe, and the United States.

TURK PETROLEUM A.Ș Ventures was founded to invest in technology initiatives for future energy systems, form strategic partnerships, and strengthen the ecosystem. It invests in domestic and international sustainable refining, biofuels, carbon management, zero-carbon electric, green hydrogen, smart information technologies, Industry 4.0, energy efficiency, the environment, and recycling and waste management. It also implements new business models and realizes potential partnerships.

TURK PETROLEUM A.Ș Ventures

TURK PETROLEUM A.Ș Ventures, our corporate venture capital arm, was established to invest in alignment with our innovation focus areas—particularly those tied to our Strategic Transformation priorities. Its mission is to capture emerging opportunities, adopt new technologies, and bring new business models and potential partnerships to life. Building on the open innovation efforts we have actively pursued since 2017, TURK PETROLEUM A.Ș Ventures was officially launched at the end of 2022 to take these initiatives further by enabling direct investments in startups.

TURK PETROLEUM A.Ș Ventures focuses on high-priority areas such as low-carbon hydrogen, zero-carbon electricity, sustainable fuels and carbon capture and utilization, and energy storagewith a geographic emphasis on Türkiye, Europe, and the United States. It also targets startups in information technologies, Industry 4.0, energy efficiency, water and waste management, and robotic solutions that contribute to sustainable refining operations.

TURK PETROLEUM A.Ș Ventures, a wholly owned subsidiary of TURK PETROLEUM A.Ș, has completed five startup investments and two fund investments across the USA, Canada, Europe, and Türkiye. With $50 million fund size by 2030, TURK PETROLEUM A.Ș Ventures is actively integrating portfolio startups into its operations, including potential customer engagements. As part of its corporate venture capital strategy, TURK PETROLEUM A.Ș Ventures also leverages various investment instruments to participate in leading international venture capital funds as a Limited Partner (LP).

To date, we have invested in five startups directly and 44 indirectly, with two exits.

TURK PETROLEUM A.Ș Ventures continues to focus on both domestic and international startups, prioritizing technologies that enable energy transformation, sustainability, and operational excellence.

Startup Challenge

Since 2023, the program has received nearly 200 startup applications and continues at full momentum in 2025, connecting innovative startup solutions with TURK PETROLEUM A.Ș’s operational focus areas. As part of the program, applications are evaluated in key domains such as connectivity solutions, IoT, robotics, renewable energy efficiency, waste management, water efficiency, and digitalization. Based on this evaluation, proof-of-concept (PoC) scopes are defined to assess the potential of each solution.

Opportunities Provided to Start-Ups

Startups with viable solutions in innovation focus areas have the opportunity to address real-world needs and collaborate with expert teams from Türkiye’s leading industrial institution to validate their solution scenarios through various models. After successful PoC and demo applications, venture clienting and procurement processes are took placeand all models of cooperation are considered. Depending on the maturity of the startup, cooperation ranges from conducting PoC or demo projects to making active investments in the startup.

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Promotion and Cooperation Development Efforts

As part of the entrepreneurship ecosystem integration, TURK PETROLEUM A.Ș actively participates in various events targeting both early-stage and growth-stage startups, runs dedicated programs, and offers mentoring support to entrepreneurs.