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Chevron has launched a $300 million fund which it says will focus on low-carbon technology.
- Chevron Technology Ventures had launched the first Future Energy Fund in 2018.
- The fund has enabled investments in over 10 companies focused on carbon capture and energy storage.
With oil and gas firms attempting to diversify and increase their investment in clean energy, Chevron has launched a $300 million fund that will focus on low-carbon technology. Increasing pressure from investment firms and have resulted in global energy firms setting greenhouse gas emissions reduction targets. Oil and gas companies are also increasingly looking to invest in clean energy and green technology to not miss out on the energy transition. In February, Exxon Mobil unveiled a carbon-removal technology venture that would rival and compete with Occidental Petroleum’s plans to develop the largest ever carbon sequestration facility.
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Chevron’s venture capital division, Chevron Technology Ventures had launched the first Future Energy Fund in 2018. This fund has enabled investments in over 10 companies focused on carbon capture and energy storage. In January, Chevron invested in Blue Planet System, a startup commercializing a technology that substitutes limestone in concrete and building materials with alternatives developed from atmospheric carbon dioxide.