Chevron arm launched $500 million for low-carbon technologies investment
![Chevron arm launched $500 million for low-carbon technologies investment](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/Depositphotos_132637018_S.jpg)
Chevron’s venture capital arm said it has launched its third fund committing $500 million to invest in renewable energy technologies, as major oil companies seek to diversify their business amid mounting pressure to curb their emissions.
The newly launched Future Energy Fund III, like its predecessors, will focus on innovations in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy, according to Chevron Technology Ventures.
Read more: Smart energy company completes Series C funding of $55 million
The new fund also aims to broaden investment in novel low carbon fuels, advanced materials, and transforming carbon to higher value products, the company added.
Chevron Technology Ventures launched the first Future Energy Fund in 2018, followed by a second in 2021, for a total $400 million commitment. It has invested in more than 30 companies.
The news comes as the world’s biggest oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the combustion of their products.
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