Chevron has announced the launch of its $300 million Future Energy Fund II focused on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy for all, it said.
Many traditional international oil and gas companies are attempting to invest more in green energy, although the U.S. majors remain well behind the trend set by their European peers.
The big energy companies have set goals to cut greenhouse gas emissions or are exploring investments in renewable energy and green technology amid increasing pressure from investors and activists.
With the first Future Energy Fund launched in 2018, Chevron said it invested in more than 10 companies with more than 150 other investors to support innovations in carbon capture, emerging mobility and energy storage. Building upon the success of the first Future Energy Fund, Future Energy Fund II will focus on innovation in industrial decarbonisation, emerging mobility, energy decentralisation and the growing circular carbon economy.
“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” said Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron. “I’m proud that our second Future Energy Fund has the potential to make energy and global supply chains more sustainable by helping industries and our customers build a lower-carbon future.”
Future Energy Fund II is the eighth venture fund launched since 1999. Chevron also has a Core Energy Fund which invests in technologies with the potential to have a significant impact on Chevron’s core business through operational enhancements, digitalisation and low-carbon operations. Chevron is also an investor as a limited partner in funds such as the Oil & Gas Climate Initiative’s (OGCI) Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.
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