Chevron Technology Ventures (CTV), the strategic investment arm of oil and gas producer Chevron, launched a $100m fund called Future Energy Fund on Wednesday in order to back energy transition technology.
CTV was founded in 1999 and targets developers of technologies such as emerging materials, power systems, water management, IT and oil and gas production improvement. It also provides capital to strategically relevant venture capital funds.
Future Energy Fund will concentrate on energy generation technologies that generate lower carbon emissions, or which can reduce emissions from oil and gas production.
Barbara J. Burger, president of Chevron Technology Ventures, said: “Chevron has long put its financial strength to work at critical moments that shape the future of energy.
“The Future Energy Fund will inform our continuously evolving perspective on the energy landscape through investment in research and innovation. To prepare for the future, the work starts now.”
CTV’s past exits include genomics technology provider Illumina, which has a current market capitalisation of $42bn, biofuel developer Solazyme, small molecule drug developer Codexis and IronPort Systems, the cybersecurity technology provider acquired by Cisco for $830m in 2017.