The Oman Investment Authority (OIA) on Wednesday said it has invested in Our Next Energy, the Michigan-based electric vehicle battery startup.

The Omani state investor has also signed a strategic agreement to identify potential areas of co-operation in the field of energy storage and battery manufacturing in the sultanate, the Omani state news agency said.

The statement didn't disclose the size of the investment.

The move is in line with OIA's strategy to diversify its international portfolio as well as with the country's goal to achieve net zero emissions by 2050.

OIA has secured the second position worldwide in development of governance and sustainability performance index for the period between 2022 and 2023. According to a report by the International Forum of Sovereign Wealth Funds (IFSWF), OIA exhibited a remarkable 28% improvement in its accomplishments compared to 200 other global sovereign funds.

(Writing by Brinda Darasha; editing by Seban Scaria)