ImpactAlpha, Mar. 2 – Chevron’s venture arm has launched a $300 million low-carbon tech fund. Future Energy Fund II is the oil and gas major’s second fund targeting carbon capture, emerging mobility, energy storage and other clean technologies.
The $100 million Future Energy Fund I backed 10 companies, including carbon capture tech firm Blue Planet, electric vehicle charging network ChargePoint and Spear Power Systems, which manufactures lithium-ion battery storage.
Chevron Technology Ventures, Chevron’s venture arm, has launched eight corporate venture funds since 1999.
Separately, from its Core Venture Fund, CTV backed Baseload Capital, a Sweden-based geothermal investment company. Breakthrough Energy Ventures and Sweden-based Gullspang Invest also participated.
Last month, Chevron and BP participated in the $40 million fund of Canadian geothermal company Eavor Technologies. CTV also participated in point-source carbon capture firm Svante’s $75 million round.