Chevron Technology Ventures, the strategic investment arm of US-headquartered oil and gas provider Chevron, launched a $300m vehicle called Future Energy Fund II yesterday to fund developers of clean energy technology.
Future Energy Fund II will provide funding for developers of technology that can help reduce carbon emissions, covering areas such as industrial decarbonisation, mobility technology, the decentralisation of the energy structure and circular carbon technology.
The fund is the eighth to be formed by the unit since it was launched in 1999 and it is the successor to the first Future Energy Fund, which was formed in 2018 with $100m in capital.
Chevron has backed 10 companies including carbon capture technology developers Carbon Engineering and Blue Planet, carbon removal system developer Carbon Clean and ChargePoint, the operator of an electric vehicle charging network, through the first fund.
Barbara Burger, president of Chevron Technology Ventures, said: “We continue to take meaningful actions to address the challenges and opportunities of the global energy transition.
“I am 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.”
