Chevron Corp.’s funding arm has launched a $300 million fund that can give attention to low-carbon expertise.
Chevron Know-how Ventures LLC’s Future Vitality Fund II builds on the success of the primary Future Vitality Fund, which kicked off in 2018 and invested in additional than 10 corporations specializing in niches like carbon seize, rising mobility, and vitality storage. The preliminary fund contained $100 million.
“The brand new fund will give attention to innovation prone to play a important function sooner or later vitality system in industrial decarbonization, rising mobility, vitality decentralization, and the rising round carbon economic system,” Houston-based Chevron Know-how Ventures says in a February 25 release.
Future Vitality Fund II is the eighth enterprise fund created by Chevron Technology Ventures since its institution in 1999. In 2019, the funding arm began a $90 million fund to spend money on startups that may assist speed up the oil and fuel enterprise of San Ramon, California-based Chevron.
Chevron Know-how Ventures’ portfolio for low-carbon expertise contains a dozen corporations: Blue Planet, Carbon Clear, Carbon Engineering, ChargePoint, Eavor, Infinitum Electrical, Natron Vitality, Spear Energy Programs, Svante, Voyage, Vutility, and Zap Vitality.
Solely one of many corporations within the low-carbon portfolio is predicated in Texas — Infinitum Electrical, positioned in Spherical Rock. Nonetheless, Chevron Know-how Ventures is energetic within the Houston entrepreneurial ecosystem as a participant within the Rice Alliance for Know-how and Entrepreneurship, Greentown Labs, The Cannon, and The Ion. Chevron’s funding arm was the first tenant at The Ion.
In an August 2020 interview with InnovationMap, Barbara Burger, president of Chevron Know-how Ventures, stated the funding arm locations a precedence on serving to advance entrepreneurship in Houston. “It’s our dwelling court docket,” she stated.
Burger stated that for Houston to reach vitality innovation, corporations, authorities companies, funding companies, and universities should rally across the metropolis.
“We’re doing a number of issues proper — virtually despite the world being loopy. … I feel fidelity of goal is vital,” she stated. “Regardless of the headwinds from COVID and regardless of the headwinds that industries are dealing with, we have to keep dedicated to that.”
Burger famous that innovation “isn’t a straight path.”
“We have to plant a bunch of those seeds and see how they develop — we have to water them every single day, after which I feel we’ll have a ravishing backyard,” she stated.