Chevron advancing industry tech with Future Energy Fund

In 2018, Chevron Technology Ventures (CTV) launched the Future Energy Fund (FEF) with an initial commitment of $100 million to invest in breakthrough technologies that either lower emissions of oil and gas or are integral to low-carbon and efficient value chains. The fund builds on CTV's 20-year history of investing in innovative startup companies to build a pipeline of innovation into Chevron.

"The fund identifies potentially disruptive technology across future energy verticals, including but not limited to greenhouse gas reduction and conversion, grid management and energy storage," said CTV President Barbara Burger.

But how has the FEF already increased the efficiency and sustainability of Chevron's operations?

"What we are doing with the Future Energy Fund is part of a broader effort to produce and deliver affordable, reliable and ever-cleaner energy," Burger explained. "As part of the broader effort, Chevron has committed to lower the carbon intensity of our operations, increase renewables in support of our business and invest in breakthrough technologies.

"In 2019, Chevron announced greenhouse gas (GHG) metrics to reduce our equity net upstream GHG intensity. We are using renewables to power our operations, including in San Joaquin Valley and the Permian Basin, bringing biofuels and biogas to market and developing renewable base oil. We launched the Future Energy Fund to invest in breakthrough technologies that enable the energy transition while informing Chevron's strategy around future operations.

"In addition, as a member of the Oil and Gas Climate Initiative's (OGCI's) $1 billion-plus investment fund, Climate Investments LLP, we are investing $100 million to support the development of technologies that lower carbon footprints of the energy and industrial sectors and their value chains and leverage the OGCI network to support commercial development."

Burger said she could never single out just one technology she's most excited about investing in right now. Recent companies to join CTV's portfolio include a company that developed an innovative electric motor that has the potential to significantly reduce electricity use compared to conventional motors, thus lowering associated emissions. CTV has also invested in technologies aiming to significantly lower the cost of carbon capture, as well as novel battery storage technology.

"It's an exciting space to be in right now, with developments happening across the verticals we invest in," Burger stated.

Moving forward, CTV will continue to invest in breakthrough technologies that address challenges and opportunities in the delivery of reliable, affordable and ever-cleaner energy and work within Chevron to integrate these technologies into operations.

"One of the avenues for fostering energy innovation is through our support of innovation ecosystems in the U.S. and beyond," she explained. "Currently, we have partnerships and/or sponsorships with incubators and accelerators that spur innovation in regional hubs including Silicon Valley, Boston and Houston, to name a few. In 2020, we will continue to expand our geographic reach.

"Technology is a key enabler to deliver reliable, affordable and ever-cleaner energy. Continued research and innovation are essential. Investments in early-stage technologies can enable breakthroughs that lead to scalable technologies that are commercially viable.

"At CTV, we leverage venture capital and strategic partnerships both internal and external to Chevron to support the technological breakthroughs that will enable the energy transition to a low-carbon economy. The energy system is large and complex, and it will take a multitude of stakeholders to address the challenges that lie in front of us."

For more information, visit www.chevron.com or call (925) 842-1000.