Leadership in the Innovation Economy 2022: Barbara Burger

Burger’s achievements at Chevron, allied to the long-lasting positive impact she has had on the innovation ecosystem in Houston, means she is a highly deserving recipient of the Global Corporate Venturing Leadership in the Innovation Economy award for 2022.

“The energy industry is undergoing a period of rapid transformation and that transformation is being led in part by Barbara Burger,” explains Diana Grauer, chief technology officer at Ocean Aero and former director of research and development at oil and gas services company Technip FMC. “With new investments in innovative technologies through Chevron’s Future Energy Fund as well as investments in the startup community, Barbara has really transformed the tech scene in Houston.”

Burger’s colleague, CTV managing venture executive Kemal Anbarci, agrees: “Barbara is smart, she is dedicated and she cares – but more importantly, she understands what it takes to reach the goals that matter to her and to Chevron.

“She has created a ‘coalition of the willing’ here in Houston: she recognises that even while we are making this transition to a lower-carbon economy, the lights have to stay on.”

Having worked at Chevron in roles ranging from chemicals and lubricants to technology marketing since 1987, Burger took over at CTV in 2013. The organisation has made investments in well over 100 startups since its formation in 1999 through its Core and Future Energy Funds. During her tenure, CTV launched Core Energy Fund I in 2014 and the second in 2019, targeting startups with technologies that have the potential to enhance Chevron’s core business in the areas of operations, digitalization and lower- carbon solutions. The first Future Energy Fund was set up in 2018 and the second followed in early 2021, focusing on innovation that potentially will play a critical role in the future energy system.

“At the time when I joined CTV, I did not know too much about the role, but I am probably at my best when I am on a steep learning curve – and the rapidly changing world of energy requires that of all of us,” she explains. “In particular, I have been really motivated and inspired by the employees in the organisation – in the way they approach their work, as well as how they develop and respond to opportunities. Some of them can really connect dots and see around the corner in a way that is not typical of people in a large corporation.”

Burger says that, under her leadership, CTV’s most significant impacts have been both on Chevron itself as well as on the wider energy innovation community in Houston.

“Sometimes, the value we bring to our parent company is not recognised in the moment,” she explains. “But when we look back at where the company has gone, we see our footprints on a lot of the changes.” Burger highlights the fact that, in mid-2021, Chevron took the decision to set up a new business unit, Chevron New Energies, which will focus on the development of lower-carbon businesses such as renewable fuels, carbon capture use and storage (CCUS) and hydrogen.

“I am super proud and excited that Chevron did this,” Burger says. “There are footprints of CTV all over the new venture, which is really exciting for our employees.”

In late December 2021, Burger announced that she would be “graduating” from Chevron after 34 years of service. Graduation is a mindset that is CTV’s and Burger’s – graduation means always learning and building new capabilities to make the world better. Burger says she is “not done and really just getting started” – and the big challenges of energy transition and climate change, equity and access to education that she has worked on during her time at Chevron will be central to her next chapter.

From an external point of view, CTV has made a definite impact not just on its portfolio companies but also on the wider ecosystem around energy innovation. Burger points out: “People know CTV is here, and we are here to stay: they can depend on us and we take a long view on the fact that innovation is critical to enable this future energy system that we all need.

“The innovation ecosystem in Houston is a unique blend of the city government, the startups, the universities, the corporations, the investors and a bunch of people that really care about this city and about energy.

She adds: “In terms of how we work together, the corporates understand that energy transition is bigger than any one company – and there is a lot we can do collaboratively while still competing in the marketplace. I think we have figured out how we can do both of those things.”

Lawson Gow, founder of The Cannon, the global community for innovators, says: “Over the past five to seven years, Houston has made tremendous strides in evolving itself from an oil and gas town to a destination for entrepreneurs and innovators – and Barbara will forever be on the shortlist of names credited for this transformation.”

Neal Dikeman, partner at Energy Transition Ventures, adds: “It is like Barbara is determined to single-handedly drag the energy capital into the innovation and startup world, and will not finish until it is done.

“I first served with her on the board of Houston Technology Center during the creation of Houston Exponential and saw first-hand what happens when Barbara puts her attention to getting something built. This city owes her.”

Burger’s accomplishments in Southeast Texas are an extension of what she has achieved during a distinguished career, says Imran Kizilbash, managing director at CSL Capital Management. “Barbara is a trailblazer, innovator, thought leader and philanthropist. She graduated with a doctorate in chemistry from one of the premier scientific institutions in the country [Caltech] at a time when there were very few women in STEM. At Chevron she has been an advocate for excellence, technology and diversity.”

He adds: “In her role at CTV she has led the charge with investments in energy transition while also supporting the technology needs of the existing oil and gas business.”

The businesses CTV has invested in during Burger’s time in charge reflect the breadth of the investment unit’s work. They include Seeq, a company that develops advanced analytics software for process-manufacturing data, and Eavor, a geothermal energy company, along with carbon-capture technology developers Carbon Engineering and Blue Planet, and Ocergy, a developer of floating offshore wind turbines.

Burger says that CTV’s role as an investor is never just about the money. “When we decide we want to invest in a business, we bring the tools we have as CTV – and the whole toolkit of Chevron at times – to help them progress on their commercialisation journey,” she explains. “Just as importantly, we know how to work with a startup and not confuse our role as an investor and a board member or observer with management: while we will influence, help and support, we do not control.”

Aniruddha Sharma, co‑founder & CEO of investee Carbon Clean, says: “Barbara has great understanding of Chevron’s strategic priorities especially in my area of work – carbon capture. She is acutely aware of the energy transition challenge and how carbon capture could probably help solve the challenge for heavy industry.”

Sharma adds: “She has been very approachable for portfolio companies and in my case has made some very valuable introductions to her network. From a vision perspective, she completely buys into the vision of the founders.”

Looking to the future, Burger hopes that the founding of Chevron New Energies will be just the start in terms of the corporation’s ability to create new businesses in the energy-transition sphere. On a more personal level, she says: “I would really like to put Covid in the rear-view mirror. Innovation is a very collaborative activity: at its foundation are all those collisions, happenstance and coincidental meetings – and because of the pandemic, we have had very little of that in the past two years.”

“Barbara is truly a force for sustained growth in energy innovation throughout Houston and across the globe. A successful corporate executive, scientist, and investor, she uses her expertise to build sustained support within and outside of Chevron to grow corporate energy technology venturing efforts. She has been highly influential in accelerating the development, commercialisation, and deployment of energy technologies that the world needs to grow modern prosperity.”

– George Coyle, Managing Partner, Energy Innovation Capital

“Partner. Collaborator. Leader. Barbara is a consistent force of a nature in shaping the future of Houston. I am so grateful for her leadership, partnership and friendship. Bravo!”

– John Reale, managing director at Integr8d Capital

“Barbara is an amazing ambassador for Houston and our important innovation community and culture. Building a thriving ecosystem takes a lot of nurturing and hard work. Barbara inspires the rest of us to keep working and believing.”

– Kirk Coburn, CEO at Eleox

“Through her leadership and tireless work, Barbara has helped nurture, shape, develop and build Houston’s innovation community. Working with diverse groups of innovators, scientists and thought leaders, Barbara is among the primary leaders whose contributions have helped bolster Houston’s competitive position and accelerated advancements in the energy transition.”

– Kerri Smith executive director, Clean Energy Accelerator at Rice University, Houston

“Barbara has been critical to the development of Houston’s innovation ecosystem and demonstrating how industry can partner with entrepreneurs to develop and deploy transformative breakthrough technologies.”

– Jenny Phillip, chief strategy officer, Greater Houston Partnership