Chevron launches $500 million fund to invest in renewable energy technologies

(Bloomberg) – Chevron Corp.’s venture arm launched a fund — its third — with a $500 million commitment to invest in renewable energy technologies.

The Future Energy Fund III “enables Chevron to see around corners, evaluate long horizon bets not currently connected to our business,” the company said, citing fusion, direct air capture and batteries as examples.

Oil firms have been investing in tech companies focused on biofuels, wind, solar, carbon capture, digital energy and electric vehicles as they seek to diversify their portfolios amid the global push to reduce emissions and transition to renewable energy.

The fund will build on the renewable tech investments of two preceding funds, Chevron Technology Ventures said in a statement, adding there is no set time line for deployment or the selection of firms that will benefit.

The first Future Energy Fund launched in 2018 and was followed up by a second in 2021 for a total $400 million commitment, not all of which has been invested as of this date, the company said. More than 30 firms — including Aurora Hydrogen Inc., Electric Era Technologies Inc., ChargePoint Holdings Inc. and Carbon Clean Solutions Ltd. — have received investments from the funds.