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Chevron to Invest $500 Million in Renewable Energy Technologies

Last Updated on 24th June 2024

Chevron Corporation has unveiled its third Future Energy Fund with a commitment of USD 500 million. The Future Energy Fund III is dedicated to investing in renewable energy technologies, allowing Chevron to explore long-term opportunities beyond its current scope of operations.

 

Chevron to Invest $500 Million into Renewable Energy Technologies

 

The focus areas include innovative low-carbon fuels, advanced materials, carbon transformation into higher-value products, industrial decarbonization, mobility solutions, and the circular carbon economy. Building upon the successes of its predecessors, the first Future Energy Fund launched in 2018 and the second in 2021, with a combined commitment of USD 400 million.

 

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Over 30 companies, including Aurora Hydrogen Inc., Electric Era Technologies Inc., ChargePoint Holdings Inc., and Carbon Clean Solutions Ltd., have benefited from investments from these funds.

 

Initial investments from the latest fund will range from USD 1 million to USD 5 million, primarily targeting Series A through C rounds. The objective extends beyond financial returns, aiming to reinforce Chevron's traditional oil and gas operations, support its multi-billion dollar diversification efforts into areas like carbon capture and hydrogen, and lay the groundwork for future opportunities in emerging technologies. This strategic move comes at a time when major oil companies face mounting pressure to reduce emissions and expand their business portfolios. This investment will play a pivotal role in the global solar and wind markets.

 

Read: Copenhagen Infrastructure Partners Acquires 1.3 GW Onshore Wind Power Portfolio

 

Objectives of the Investment

Chevron Corporation, through its venture arm, Chevron Technology Ventures L.L.C, has launched its third Future Energy Fund with a commitment of $500 million. This fund is aimed at investing in renewable energy technologies, marking a significant step in Chevron's journey towards sustainability. Here are the key objectives of this initiative:

 

Innovation and Diversification

The fund aims to foster innovation in renewable energy technologies. It seeks to diversify Chevron's energy portfolio, moving beyond traditional oil and gas businesses.

 

Long-Term Strategic Bets

The fund enables Chevron to evaluate and invest in long-term bets that are not currently connected to their business. This strategic approach allows Chevron to stay ahead of the curve in the rapidly evolving energy sector.

 

Read: Mahindra Group to Invest $150 Million for Renewable Energy Projects in India

 

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