US Chevron Commits $300mn to Low CO2
US major Chevron said February 25 its subsidiary, Chevron Technology Ventures (CTV), had launched its second Future Energy Fund, committing $300mn to technologies that have the potential to enable clean, affordable and reliable energy.
With its first Future Energy Fund in 2018, CTV invested in more than 10 companies, alongside more than 150 other investors, to support innovations in carbon capture, emerging mobility technologies and energy storage. Future Energy Fund II will focus on innovations in industrial decarbonisation, emerging mobility technologies, energy decentralisation and the growing circular carbon economy.
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“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” CTV president Barbara Burger said. “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.”
Future Energy Fund II is the eighth venture fund launched since CTV was established in 1999. It also has a Core Energy Fund which invests in technologies that can impact Chevron’s core business, while Chevron invests as a limited partner in other low-carbon investment vehicles such as the Oil & Gas Climate Initiative’s Climate Investments Fund and Emerald Technology Venture’s Industrial Innovation Fund.