Chevron Technology Ventures said it has launched a new $300 million fund that will focus on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy. The Future Energy Fund II is the eighth venture fund launched by the firm.
With the first Future Energy Fund launched in 2018, CTV invested in more than 10 companies with more than 150 other investors to support innovations in carbon capture, emerging mobility, 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.
“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” said Barbara Burger, vice president of innovation and president of technology ventures at Chevron. “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.”
Chevron Technology Ventures was established in 1999 and also has a Core Energy Fund, which invests in technologies with the potential to have a significant effect on Chevron’s core business through operational enhancements, digitalization, and low-carbon operations. Chevron is also an investor as a limited partner in funds such as the Oil and Gas Climate Initiative’s Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.