Chevron Venture Arm Launches $500M Climate Friendly Fund
Chevron Technology Ventures, the venture capital arm of US oil and gas major Chevron Corp, announced the Future Energy Fund III, a $500 million vehicle for investing in low-carbon technology.
The fund’s initial investments will range between $1 million and $5 million, with a focus on Series A through C rounds.
The new fund, like its predecessors, will focus on advances in industrial decarbonization, rising mobility, energy decentralization, and the circular carbon economy.
The Future Energy Fund III will aim to increase investment in innovative low-carbon fuels, sophisticated materials, and the conversion of carbon into higher-value products., Chevron Technology Ventures said.
The fund follows Chevron Technology Ventures’ Future Energy Fund I, which was launched in 2018, and Future Energy Fund II, which was announced in 2021, with a total commitment of $400 million. It is also the 10th venture fund launched since its inception in 1999.
The Future Energy Funds have so far invested in more than 30 companies, including Aurora Hydrogen Inc., Electric Era Technologies Inc., ChargePoint Holdings Inc., and Carbon Clean Solutions Ltd., with more than 250 co-investors.