Chevron extends carbon capture investment
US major Chevron said February 24 it had made a new investment in Carbon Clean, extending a relationship it started with the industrial CO2 capture company in 2020.
Carbon Clean’s technology is designed to reduce the costs and physical footprint required for carbon capture, which along with fully modular construction will also reduce site disruption and speed the permitting process.
“We look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions,” said Chris Powers, vice president of carbon capture, utilisation and storage (CCUS) with Chevron New Energies (CNE). “We strive to apply our internal capabilities and longstanding partnership approach toward developing and commercialising breakthrough technologies, including those that enable lower carbon solutions in the marketplace.”
Chevron made its first investment in Carbon Clean, through its Chevron Technology Ventures, in 2020, and the next year launched CNE to accelerate lower carbon opportunities in CCUS, hydrogen and offsets and emerging energies, as well as to support its ongoing growth in biofuels.
As part of the new investment, Chevron and Carbon Clean are seeking to develop a carbon capture pilot utilising Carbon Clean’s CycloneCC technology on a gas turbine in California’s San Joaquin Valley, where it will demonstrate the technology’s capabilities for reducing emissions in hard-to-abate industries such as refining, cement and steel.
Chevron is targeting 25mn mt/yr of CO₂ in equity storage by the end of this decade, with a focus on developing regional hubs that leverage its existing and emerging partnerships with customers, governments, and industry.