Chevron unit launches USD-500m future energy fund

Chevron Technology Ventures, the venture capital division of US oil and gas giant Chevron Corp (NYSE:CVX), has launched its Future Energy Fund III, a USD-500-million (EUR 470m) vehicle to invest in lower carbon innovations.

Consistent with its predecessor funds, the new fund will remain focused on innovations in industrial decarbonisation, emerging mobility, energy decentralisation and the circular carbon economy. Additionally, Future Energy Fund III will seek to expand investment in the fields of new low-carbon fuels, advanced materials and converting carbon to higher-value products, Chevron Technology Ventures said in a Linkedin post on Tuesday.

The fund follows on from Chevron Technology Ventures’ Future Energy Fund I, launched in 2018, and Future Energy Fund II, unveiled in 2021, representing a total USD-400-million commitment. It also marks the 10th venture fund introduced since Chevron Technology Ventures’ creation in 1999.

The Future Energy Funds have so far invested in more than 30 companies with more than 250 co-investors.

(USD 1 = EUR 0.940)

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