Chevron invests $300 million in low-carbon technology
U.S. oil major Chevron has, through one of its subsidiaries, launched a $300 million-worth Future Energy Fund II focused on technologies that would enable cleaner energy for all.
The subsidiary, Chevron Technology Ventures (CTV), launched Future Energy Fund II which is the eighth venture fund launched since CTV was established in 1999.
Chevron Technology Venture also has a Core Energy Fund which invests in technologies with the potential to have a significant impact on Chevron’s core business through operational enhancements, digitalization and low-carbon operations.
Chevron is also an investor as a limited partner in funds such as the Oil & Gas Climate Initiative’s (OGCI) Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.
The first Future Energy Fund was launched back in 2018. CTV invested in more than 10 companies with more than 150 other investors supporting innovations in carbon capture, emerging mobility, and energy storage.
Chevron stated that Future Energy Fund II would build upon the success of the first Future Energy Fund with a focus on innovation in industrial decarbonization, energy decentralization, and the growing circular carbon economy.
Barbara Burger, VP of innovation and president of technology ventures at Chevron, said: “We continue to take meaningful actions to address the challenges and opportunities of the global energy transition.
“I’m proud that our second Future Energy Fund has the potential to make energy and global supply chains more sustainable by helping industries and our customers build a lower-carbon future”.
Just last month, Chevron made a Series C investment through the Future Energy Fund in San Jose-based Blue Planet Systems Corporation, a startup that manufactures and develops carbonate aggregates and carbon capture technology intended to reduce the carbon intensity of industrial operations.
In recent financial news, Chevron revealed a 2021 organic capital and exploratory spending program of $14 billion and lowered its longer-term guidance to $14 to $16 billion annually through 2025.