Chevron Technology Ventures (CTV) said June 20 it launched a future energy fund with an $100 million initial commitment for investments in breakthrough energy technologies.
Investments from the new 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, according to the CTV press release.
CTV, the Houston-based venture capital arm of Chevron Corp. (NYSE: CVX), said it aims for the investments to “enable the ongoing energy transition to a greater diversity of sources.”
“Chevron has long put its financial strength to work at critical moments that shape the future of energy,” said CTV President Barbara J. Burger in a statement. “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.”
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, the release said.
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 as it strives to lower carbon emissions.
Recommended Reading
Chevron CEO: Permian, D-J Basin Production Fuels US Output Growth
2024-04-29 - Chevron continues to prioritize Permian Basin investment for new production and is seeing D-J Basin growth after closing its $6.3 billion acquisition of PDC Energy last year, CEO Mike Wirth said.
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.