Chevron on Thursday launched its Future Energy Fund II, a $300 million fund focused on low-carbon technology.
San Ramon, California-based Chevron's new fund is the latest move by US oil and gas firms to invest more in green energy. US supermajor Exxon Mobil also recently unveiled a carbon-removal technology venture that would directly compete with Occidental Petroleum efforts to develop the largest-ever facility to pull carbon dioxide out of the atmosphere.
Chevron Technology Ventures, the venture capital division of the company, launched the first Future Energy Fund in 2018 and has invested in more than 10 companies with more than 150 investors to support innovations that focus on carbon capture and energy storage.
Building upon the success of the first Future Energy Fund, Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy, the company said.
“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” said Barbara Burger, vice president, innovation and president of technology ventures at Chevron, in a release.
“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.”
In January, Chevron invested in Blue Planet Systems, a startup commercializing a technology that makes a substitute for limestone in concrete and building materials from carbon dioxide.
The supermajor in October also formed a joint venture to market dairy biomethane, a renewable natural gas made of methane emissions from cattle burps as part of its push to reduce emissions.