Chevron Technology Ventures Launches $90 Million Fund VII
HOUSTON, Texas, March 28, 2019 – Chevron Technology Ventures LLC (CTV) today launched Fund VII, a new $90 million fund established to sustain Chevron’s continued venture capital investment across the energy industry. Investments from this newest fund are expected to target early- to mid-stage companies as well as limited partnership funds. Further, Fund VII investments will focus on high-tech, high-growth startups and breakthrough technologies that have the potential to improve Chevron’s core oil and gas business performance as well as create new opportunities for growth now and in the future.
“CTV serves as an excellent source within Chevron for new business models and novel technologies that can deliver value to the enterprise through their integration,” said CTV President Barbara Burger. “We are using venture capital as a conduit for early access to innovation and to build a pipeline of innovation for Chevron.”
This month also marks the 20th anniversary of CTV’s founding. The longest-running continuously operating corporate venture capital group in the oil and gas sector, CTV has made over 90 investments over the last two decades. Strategic investments prior to Fund VII have supported a wide range of venture capital funds and companies with applications that span the industry. As a champion of innovation within Chevron, CTV is involved in all aspects of portfolio management including the demonstration and integration of new external technology. Proven partner technologies are deployed and used across Chevron’s operating companies and business units, contributing to earnings for the enterprise.
Since its inception in 1999, CTV has pushed energy’s frontiers through the continuous pursuit of new business models and externally-developed technologies that enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. Fostering innovation both within Chevron and across the energy landscape, CTV champions the integration of solutions that address current business needs and those of tomorrow. Through its technology deployments and venture capital portfolio, CTV supports a wide range of pioneers that are shaping the future of energy.
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This news release contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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Published: March 2019