investing in low-carbon technologies to enable commercial solutions
The viability of lower-carbon solutions that can achieve commercial scale is vital to meeting the energy needs of all people. We aim to leverage our market position, assets, organizational capability, technology and venture capital to pursue new and promising lower-carbon opportunities.
We have committed $100 million to our Chevron Technology Ventures’ (CTV) Future Fund I, $300 million to our CTV Future Fund II, $100 million to the Oil and Gas Climate Initiative (OGCI), in addition to the more than $300 million invested in our CTV Core Funds. CTV investments target technology development support in areas such as carbon capture, utilization and storage (CCUS), hydrogen, energy optimization, digitization, energy storage and management, geothermal, and nuclear fusion.
committing $300 million to new future energy fund II
Chevron is investing in a carbon capture company that’s designing technologies to capture CO2 and transform it into low carbon fuels.
Chevron is investing in ev battery and charging technology companies to enable more charging more efficiently.
$100 million investment
Chevron is investing in emerging technologies with a $100 million commitment to its Future Energy Fund.
carbon capture, utilization and storage
We are leveraging existing and building new commercial relationships with technology companies, pipeline companies, power providers, refiners, and other emitters to advance CCUS in key geographies.
National Energy Technology Laboratory
In 2020, we were awarded a project from the U.S. Department of Energy (DOE) to pilot technology that captures CO2 from post-combustion gas. In partnership with Svante, the DOE, and the National Energy Technology Laboratory, we will test the technology at our Kern River facility in San Joaquin Valley California, where we plan to design, construct, commission, and test a pilot-scale carbon capture plant.
Mendota BECCS Project
We are collaborating with Schlumberger, New Energy, Microsoft, and Clean Energy Systems (CES), working to develop a bioenergy with carbon capture and sequestration (BECCS) project in Mendota, California. The project is designed to utilize agricultural waste from California to produce renewable power using CES’s oxy-combustion technology, while capturing and permanently storing CO2 produced in the process into the geologic formation below the project site. The project is expected to result in net-negative emissions when fully operational, storing about 300,000 tons of CO2 annually—equivalent to the emissions emitted from electricity usage by more than 65,000 U.S. homes.
National Research Foundation
In 2020, we joined a consortium with the Singapore National Research Foundation and other companies. We are working to jointly develop the first end-to-end decarbonization process in Singapore. This collaboration is aimed at accelerating the development of a highly integrated, energy-efficient CCUS system that can lead to a lower-carbon economy and potential commercial developments for Singapore, as well as help the country meet its Paris pledge.
Chevron is invested in Carbon Engineering to accelerate the commercialization of Carbon Engineering’s direct air capture (DAC) technology, which removes CO2 directly from the air. The technology is expected to be used as a mechanism to reduce emissions from transportation and enable permanent capture of existing atmospheric CO2.
Chevron is invested in Blue Planet, which uses CO2 as a raw material for making carbonate rocks used in place of quarried limestone in building material. Additionally, we are exploring opportunities to collaborate on potential pilot projects and commercial development in key geographies.
NovoNutrients, a startup focused on using carbon dioxide emissions to make inputs, like protein flours, for the food system, is part of Chevron’s Catalyst Program, which is focused on accelerating early-stage companies working on innovative technologies.
We are advancing hydrogen opportunities through strategic partnerships and by investing in demonstration projects and technologies related to production, transport, and storage.
Chevron is a board member of the California Fuel Cell Partnership. The organization supports a long-term vision for hydrogen in California and will be expanding across the United States in 2021. Chevron has partnered with the DOE on a hydrogen study that is exploring the potential of RNG to manufacture hydrogen. Chevron joined the Hydrogen Council, the industry’s leading international trade association. Through membership on the council, we gain access to industry best practices and are better positioned to explore hydrogen opportunities. Chevron is also a member of the OGCI transportation workstream focusing on hydrogen as a fuel.
As a proof of concept, Chevron’s affiliate GS Caltex launched the first all-in-one fuel station in 2020, providing hydrogen, electric vehicle charging, liquefied petroleum gas, gasoline, and diesel fuel.
Additionally, we participated in the California Energy Commission’s Clean Transportation Program.
emerging power technologies
Emerging power technologies such as fusion technology and advanced geothermal are promising lower-carbon energy sources with less intermittency than other renewable sources. These technologies have the potential to change the way we produce and use energy.
Chevron is invested in Baseload Capital, a private-investment company focused on the development and operation of lower-temperature geothermal and heat power assets.
Chevron is invested in Zap Energy, a startup developing a next-generation modular nuclear reactor with an innovative approach to advancing cost-effective, flexible, and commercially scalable fusion.
Chevron is invested in Eavor Technologies, a company that provides a closed-loop geothermal technology for both power and direct heat markets. Eavor’s innovative system has dispatchability for power load balancing, which is becoming more essential as intermittent renewables saturate more power grids.
2020 corporate sustainability report
2021 climate change resilience report
2019 corporate sustainability report
2019 update to climate change resilience report
2018 climate change resilience report