Chevron Ventures into Renewable Energy with $500 Million Fund
Chevron Corp.’s venture arm has unveiled its third fund, the Future Energy Fund III, with a hefty commitment of $500 million dedicated to investing in renewable energy technologies. This move marks Chevron’s strategic pivot towards diversification and forward-thinking innovation.
The Future Energy Fund III allows Chevron to explore emerging technologies that may not currently align with its core business, such as fusion, direct air capture, and batteries. By investing in these long-term bets, Chevron aims to position itself at the forefront of the energy transition and stay ahead of industry trends.
Oil companies worldwide are increasingly turning their attention to renewable energy as part of their efforts to mitigate climate change and adapt to a shifting energy landscape. Chevron’s focus on biofuels, wind, solar, carbon capture, digital energy, and electric vehicles underscores its commitment to sustainability and reducing emissions.
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Chevron Technology Ventures, the company’s innovation arm, emphasized that the new fund will complement previous investments in renewable technology made through its preceding funds. Notably, the first Future Energy Fund was launched in 2018, followed by a second in 2021, with a combined commitment of $400 million. While not all funds have been fully deployed yet, Chevron remains committed to strategic investments in this space.
Over 30 companies, including Aurora Hydrogen Inc., Electric Era Technologies Inc., ChargePoint Holdings Inc., and Carbon Clean Solutions Ltd., have already benefited from investments from Chevron’s Future Energy Funds. This initiative underscores Chevron’s proactive approach to embracing renewable energy and fostering innovation in the sector.
