Chevron Technology Ventures said it established a Future Energy Fund with an initial commitment of $100 million.
The venture-capital fund will seek to back technologies from across the energy landscape, focusing both on lower emission energy sources and lowering the emissions from oil and gas.
Chevron Technology Ventures, the venture-capital arm of Chevron, was formed in 1999.
A press release follows.
Chevron Technology Ventures Launches Future Energy Fund
HOUSTON, Texas, June 20, 2018 – Chevron Technology Ventures, LLC (CTV) today built upon its nearly two decades of venture investing with the launch of its Future Energy Fund. With an initial commitment of $100 million, the new venture capital fund was established to invest in breakthrough technologies that enable the ongoing energy transition to a greater diversity of sources.
As a global energy company, Chevron is committed to exploring ways to lower carbon emissions through research, innovation and application of technology while supplying the reliable, affordable and ever-cleaner energy that the world needs. The new fund supports CTV’s continued role as champion of innovation and integration of emerging technologies into Chevron.
“Chevron has long put its financial strength to work at critical moments that shape the future of energy,” said CTV President Barbara J. Burger. “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.”
Investments from the Future Energy Fund are expected to focus on disruptive technologies across the energy landscape that reflect the company’s commitment to both lower emission energy sources and lower emissions from oil and gas.
CTV pursues innovative business solutions and externally developed technologies that have the potential to improve Chevron’s base business operations and champions their deployment and adoption into the company. Since its inception in June 1999 as the first such fund at an oil major, CTV has supported a wide range of companies and venture capital funds.
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