“That really helps us stay current to where things are going.” “Their whole agenda is change,” said Burger. “They will inform future action from Chevron, either the use of the technology or where we might want to go big.”Īccording to Burger, the investments also allow Chevron “active involvement at the edge of innovation.” The fund tries to invest in companies where Chevron can still learn a lot or have some influence, which means joining before a Series A or in earlier funding rounds. “These are strategic bets, if you will, and they’re really more about getting access and looking under the hood,” said Technology Ventures President Barbara Burger. The fund has also invested in the firm Carbon Engineering, which works on carbon capture. Chevron Technology Ventures launched its Future Energy Fund with $100 million in June 2018 (Technology Ventures was founded in 1999). That’s why it was noteworthy when Chevron’s emerging technology venture capital arm invested in EV charging company ChargePoint in November and battery storage company Natron Energy in January. players have lagged behind their European counterparts in terms of leadership within clean energy and electricity strategies.” As Meredith Annex, team lead for BNEF’s heat decarbonization research, noted, “the U.S. In 20, Shell acquired e-mobility company NewMotion, Total bought energy efficiency company GreenFlex, and British Petroleum invested in EV charging company Freewire - and that’s just a sampling.īut a great deal of that investment has been clustered in Europe. According to Bloomberg New Energy Finance (BNEF), oil majors doubled their acquisitions, project investments and venture capital stakes in clean energy between 20.

While no major has made investments in clean energy that come close to rivaling the money it spends on oil and gas, companies like Equinor, Total and Royal Dutch Shell have now collectively sunk billions into the industry. Oil and gas majors are starting to seriously consider - or, at least, consider - the threat the energy transition presents to their core business.

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