press releaseChevron Invests in Geothermal Development Company
HOUSTON, Texas, February 28, 2021 — Chevron Corporation (NYSE: CVX) today announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets.
Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB.
The Baseload investment follows last month’s announcement of funding for Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies.
Chevron Technology Ventures (CTV) identifies externally developed technology with the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy now and into the future. The investments in Baseload and Eavor are financed by CTV’s Core Venture fund which identifies companies with technology that can add efficiencies to Chevron’s core business in operational enhancement, digitalization, and lower-carbon operations.
“Chevron’s investments in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future,” said Chevron’s Vice President, Innovation and President of Technology Ventures, Barbara Burger. “We look forward to working with Baseload Capital and Eavor to expand geothermal resources in the U.S. and internationally.”
Chevron and Baseload are planning potential pilot projects to test new technology. Baseload Capital currently operates in Japan, Taiwan, Iceland, and the United States. As Baseload develops in these regions and expands to new markets, Chevron and Baseload will look for commercial geothermal and heat power opportunities in additional Chevron operations.
“In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets,” said Baseload’s Chief Executive Officer Alexander Helling. “We couldn’t have asked for a better one. Chevron complements our group of owners and adds expertise in drilling, engineering, exploration and more. These assets are expected to accelerate our ability to deploy heat power and strengthen our way of working.”
About Baseload Capital
Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. The company currently has subsidiaries in Iceland, Japan, Taiwan, and the U.S., which work with local communities and power companies to permit, build and commission heat power plants. By applying innovative financing structures and using subsidiaries to roll out local implementation, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance. For more information, visit: baseloadcap.com.
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) pursues and invests in externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures
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Published: February 2021