Chevron has made a new investment in a carbon capture technology player.
The US supermajor made an initial investment in UK-based Carbon Clean in 2020.
As part of the fresh round of investment, Chevron said the two companies will look to develop a carbon capture pilot for Carbon Clean’s CycloneCC technology on a gas turbine in the San Joaquin Valley, California.
CycloneCC is a fully modular technology, which Chevron said has already been proven at scale at more than 44 sites globally, including plants in the UK, US, Japan, Germany, India, Norway and the Netherlands.
Carbon Clean claims its technology reduces the costs and physical footprint required for carbon capture compared with many existing methods.
It said the systems are prefabricated off-site, containerised and can be delivered and installed in less than eight weeks, minimising site disruption and execution time.
It also claimed its modular equipment is smaller than a traditional open-plant system and can be easily scaled up to meet future needs.
“Chevron’s investment demonstrates interest in our technology, business strategy and rapidly expanding order book. We are seeking to deliver a revolution in carbon capture, driven by our modular technology, and are thrilled that Chevron shares our vision for the sector,” said Carbon Clean chief executive Aniruddha Sharma.
“We are working to remove the biggest barriers to the adoption of widespread industrial carbon capture. It is vital that we decarbonise hard-to-abate sectors while developing new low-carbon technologies.
“This latest investment and our work with partners, such as Chevron, will provide us with the opportunity to deliver exponential growth in carbon capture and meet ever-rising demand.”
Chevron is targeting 25 million tonnes per annum in equity carbon dioxide storage by the end of this decade.
Last year, it launched Chevron New Energies, aimed at accelerating business opportunities in carbon capture, utilisation and storage, biofuels, hydrogen, offsets and emerging energies.