Chevron Invests in Carbon-Capture Company
Chevron Technology Ventures has joined a consortium in a $16-million investment in a company that provides portable carbon-capture technology.
Chevron is one of three companies investing in Carbon Clean Solutions, a London-based firm that provides portable carbon-capture technology for oilfield and other industrial facilities. Chevron Technology Ventures has joined Tokyo-based industrial conglomerate Marubeni and Boston-based clean-energy private equity firm WAVE to invest $16 million into Carbon Clean Solutions.
Carbon Clean Solutions develops affordable carbon-capture technology for storage and use for steel, cement, refining and petrochemicals, and waste-incineration plants. The investment will be used to deliver an existing pipeline of global projects to reduce industry emissions. The company says it will also invest in the development of containerized solutions to achieve $30/metric ton cost of carbon dioxide capture by 2021.
The investment comes as oil and gas companies have become even more vocal about increasing measures to decrease emissions of carbon dioxide and other greenhouse gases in recent quarters.
“Chevron is committed to producing affordable, reliable, and ever-cleaner energy,” Chevron Technology Ventures President Barbara Burger said in a written statement. “We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low-carbon value chains. Our investment in Carbon Clean Solutions aims to help commercialize and scale carbon capture, utilization, and storage technologies, a key part of delivering on our commitment.”
“This investment demonstrates the confidence our new investors have in our technology and its commercial scalability,” said Aniruddha Sharma, Carbon Clean Solutions’ cofounder and chief executive officer. “We can now grow our company to a size that can help deliver projects to make a net zero emissions world possible and expand our modularized CO2 capture technology to heavy industry.”
Praveen Sahay, WAVE’s managing director, says Carbon Clean Solutions can reduce the cost of carbon capture from industrial emissions by more than half.