press releaseChevron Technology Ventures Announces the Chevron Tech Challenge
HOUSTON, Texas, July 10, 2018 – Chevron Technology Ventures LLC (CTV) today announced the launch of its latest initiative focused on cultivating the oil and gas industry’s innovation ecosystem and leveraging external technology to add value across Chevron operations. The Chevron Tech Challenge encourages entrepreneurs and startups as well as academics and other innovators to propose innovative solutions to industry challenges while competing for cash prizes, guidance and the potential opportunity to demonstrate their technologies via Chevron field trial. Contestants may also be considered by CTV for equity investment or participation in the company’s Catalyst Program™, announced last year, which supports early-stage companies aiming to raise venture capital.
The Chevron Tech Challenge was conceived as a way to foster technology innovation and stimulate external research and development while generating solutions to some of the energy industry’s most pressing challenges. The first Chevron Tech Challenge focuses on produced water management. CTV is working with the U.S. Department of Energy to find step-change solutions that can significantly decrease produced water management costs through the reduction or elimination of waste streams. Additional details on the program and the current challenge are available at http://www.chevron.com/techchallenge.
“Chevron is focused on identifying breakthrough technologies that can address business needs and further our commitment to providing safe, affordable, reliable and ever-cleaner energy,” said CTV President Barbara J. Burger. “The Chevron Tech Challenge is our version of crowd-sourcing. We put out a challenge and invite solutions, then apply the best to our operations, adding value to Chevron and helping build a new company or business model at the same time.”
CTV pursues innovative business solutions and externally developed technologies that have the potential to improve Chevron’s base business operations and champions their deployment and adoption into the company. Since its inception in June 1999 as the first such fund at an oil major, CTV has supported a wide range of companies and venture capital funds.
Published: July 2018