Chevron Launches $500 Million Fund to Invest in Renewable Energy and Decarbonization Technologies

Chevron Corporation has announced the launch of its third venture capital fund, the Future Energy Fund III, committing $500 million to accelerate renewable energy technologies, reports Reuters. This initiative, spearheaded by Chevron Technology Ventures, underscores the oil giant’s strategy to diversify its portfolio in response to growing environmental concerns and regulatory pressures to curtail emissions.

The newly launched fund aims to foster innovations across several key areas: industrial decarbonization, emerging mobility, energy decentralization, and the burgeoning circular carbon economy. Specifically, Future Energy Fund III will focus on investments in cutting-edge low-carbon fuels, advanced materials, and technologies that convert carbon into higher-value products.

This strategic move follows the establishment of Chevron’s first and second Future Energy Funds, which were introduced in 2018 and 2021, respectively, with a combined commitment of $400 million. Additionally, earlier this month, Chevron New Energies made a significant investment in ION Clean Energy, a firm dedicated to advancing carbon capture technology, further emphasizing Chevron’s commitment to environmental innovation and sustainability.