On June 20th, Chevron Technology Ventures (CTV) announced a substantial investment in energy innovation with the launch of The Future Energy Fund. Pledging an initial commitment of $100 million, the fund will be used to “invest in breakthrough technologies that enable the ongoing energy transition to a greater diversity of sources.”
In their announcement, Chevron outlined the ambitious goals that they aim to achieve with the Future Energy Fund. Chevron Technology Ventures will focus the funding on disruptive technologies in a range of energy sources. The fund represents the energy giant’s mission to lower emissions from oil and gas, while emphasizing the adoption of cleaner sources of energy.
“Chevron has long put its financial strength to work at critical moments that shape the future of energy,” said CTV President Barbara J. Burger in the news release. “The Future Energy Fund will inform our continuously evolving perspective on the energy landscape through investment in research and innovation. To prepare for the future, the work starts now.”
Chevron Technology Ventures launched in 1999 as a champion of the development and commercialization of emerging energy-related technologies. They have supported various venture capital funds, specifically in the areas of water management, production enhancement, emerging materials, power systems, information technology, and subsurface & base business.
Many emerging and alternative energy companies have benefited from CTV investments in the past. Acumentrics is an innovative fuel cell company that received a leg up from CTV funding. These days, Acumentrics provides our military with “RUPS™ (rugged AC and DC uninterruptible power sources) by utilizing their game-changing solid oxide fuel cells.
Inventys is another energy tech company that has leveraged funding from CTV. The company’s breakthrough carbon capture technology has put them on a path to develop the CO2 marketplace in the global energy sector. Inventys’ VeloxoTherm Process drastically reduces the cost for capture carbon dioxide from industrial flue gas streams.
Chevron’s $100 million commitment to diversifying the available energy sources in our nation’s grid underscores their careful foresight to the future climate of the global energy landscape. America’s energy sector continues to evolve, and renewable energy consumption in the United States is expected to rise significantly by 2050.
By investing resources into new energy technology, Chevron is betting on a future that holds many options for the energy sources that will be used to deliver power to consumers of all sizes. The Future Energy Fund will fund enterprises that will lead to better ways of generating energy, and that means new jobs for Americans and renewed energy security that will cut our nation’s dependence of foreign power sources.
Here at CRES, we love seeing industry leaders take an innovative approach to addressing consumers’ changing energy needs. Check out our news center for more stories on businesses and individuals working for responsible energy use.