The US petroleum supplier will continue to target areas such as decarbonisation, energy storage and carbon capture.
Image of Jim Gable, vice president of innovation and president of ventures, courtesy of Chevron Technology Ventures.
US oil and gas producer Chevron has formed a third fund sized at $500m, Future Energy Fund III, to invest in renewable energy technology companies.
Chevron’s corporate venture capital arm, Chevron Technology Ventures, founded in 1999, will oversee the new initiative whose focus areas include decarbonisation, mobility, energy decentralisation, fusion energy, direct air capture and batteries.
Jim Gable (pictured), vice president of innovation and president of ventures, leads Chevron Technology Ventures. Its first Future Energy Fund was created in 2018 before a second one three years later, managing $400m in capital altogether.
More than 30 companies have received funding from the first two funds, including emissions-free hydrogen producer Aurora Hydrogen, electric vehicle charging station operator Electric Era and Carbon Clean Solutions, which is developing carbon capture technology.
Many energy companies aim to reduce greenhouse gas emissions in their operations and products through open innovation and strategic investments. GCV’s studies show more than a third of funding raised by energy technology startups comes from rounds featuring corporate investors.
