The oil and gas giant uses venture investing to help bring emerging technology into its business lines
Share on linkedin 's venture capital arm unveiled a new $500 million fund focused on climate-friendly tech.It's Chevron Technology Ventures' largest fund to date and comes as oil majors are diversifying and under pressure to cut emissions.Future Energy Fund III "aims to expand investment in the areas of novel low carbon fuels, advanced materials and transforming carbon to higher value products," the announcement Tuesday states.
It will also continue CTV's focus on areas like industrial decarbonization, mobility, and the "circular carbon economy."CTV president Jim Gable said initial investments from the latest fund will be in the $1 million to $5 million range, targeting Series A through C rounds.Chevron's VC arm launched in 1999 with a "core" fund, and the first "future fund" launched in 2018.
This enables Chevron to "see around corners" and "evaluate long horizon bets not currently connected to our business," like fusion, batteries and direct air capture, Chevron said.Investments from the first two future funds include the carbon capture startup Carbon Clean, fusion startup Zap, and EV charging player ChargePoint."Chevron's not in venture capital just for the sake of being in venture capital.
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