Chevron Technology Ventures, LLC (CTV) has announced the launch of its $300 million Future Energy Fund II, which it says is focused on technologies that have the potential to enable affordable, reliable, and ever cleaner energy for all.
Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy, according to CTV. The company’s first Future Energy Fund launched in 2018 and invested in more than ten companies with over 150 other investors to support innovations in carbon capture, emerging mobility, and energy storage, CTV highlighted.
“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” Barbara Burger, the vice president of innovation and president of technology ventures at Chevron, said in a company statement.
“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,” Burger added in the statement.
Future Energy Fund II is the eighth venture fund launched since CTV was established back in 1999. CTV also has a Core Energy Fund which invests in technologies with the potential to have a significant impact on Chevron’s core business through operational enhancements, digitalization, and low carbon operations, the company noted.
Last week, Eavor Technologies Inc. revealed that CTV had participated in the geothermal player’s $40 million funding round. Other investors in Eavor Technologies’ funding round included BP Ventures, Temasek, BDC Capital, Eversource, and Vickers Venture Partners. In January, Chevron announced a Series C investment in the San Jose-based Blue Planet Systems Corporation, which is a startup that manufactures and develops carbonate aggregates and carbon capture technology intended to reduce the carbon intensity of industrial operations.
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