On Tuesday, Chevron Technology Ventures, the venture capital arm of Chevron, announced the launch of its third fund, the Future Energy Fund III, with a commitment of $500 million.
This move comes as oil majors increasingly seek to diversify their portfolios and address pressure to reduce emissions.
Similar to its predecessors, the Future Energy Fund III will focus on investing in renewable energy technologies, specifically targeting innovations in industrial decarbonization, emerging mobility, energy decentralization, and the circular carbon economy, a Reuters report says.
Additionally, the fund aims to expand investment in areas such as novel low carbon fuels, advanced materials, and transforming carbon into higher-value products.
Chevron Technology Ventures initiated its first Future Energy Fund in 2018, followed by a second fund in 2021, with a combined commitment of $400 million. Since then, the venture arm has invested in over 30 companies, contributing to advancements in renewable energy and sustainability.
Major oil and gas companies, including Chevron, have set diverse targets to reduce greenhouse gas emissions from their operations and the use of their products.
