Chevron Launches $500 Million Fund Focusing On Renewable Energy Technologies — OPIS
Chevron Technology Ventures will invest $500 million in renewable energy technologies through its Future Energy Fund III, Jim Gable, president of the firm, said Tuesday at the Bloomberg New Energy Finance summit in New York.
CTV is the venture capital arm of the U.S. oil major Chevron.
The first two funds, launched in 2018 and 2021 respectively, committed a total of $400 million in investment.
"Our third, and largest, Future Energy Fund will advance innovation that supports a lower carbon future," Gable said.
The funds have invested in more than 30 companies, Chevron said in a news release, adding that FEF III will build on the success of its predecessors and continue to focus on industrial decarbonization.
"In addition, the new fund aims to expand investment in the areas of novel low carbon fuels, advanced materials and transforming carbon to higher value products," the company said.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Abdul Latheef, alatheef@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
April 17, 2024 13:40 ET (17:40 GMT)
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