Luis Alcoser considers himself fortunate to have the best job at Chevron. “It involves working at the cutting edge with extremely passionate, diverse, world-class experts in everything from synthetic biology to nuclear fusion,” he remarked. As the general manager of Chevron Technology Ventures’ Future Energy Fund, Alcoser’s role has become even more thrilling with recent developments.

CTV has announced a new $500 million Future Energy Fund aimed at investing in lower carbon technologies. “We see access to innovative technology and novel business models as a key enabler for growth across the evolving energy sector,” Alcoser emphasised.

The Big Idea

This latest fund, the third since 2018, supports the evolving energy system by investing in innovative companies focused on:

  • Carbon Capture, Utilisation, and Storage
  • Hydrogen Technologies
  • Lower Carbon Fuels

More on That

Chevron’s Future Energy Funds have committed approximately $900 million to support early-stage and emerging lower carbon technologies. CTV has invested in more than 30 early-stage companies, collaborating with over 250 co-investors. These investments include advancements in CCUS, direct air capture, and vehicle-charging networks.

“We are extremely fortunate to be in a position to collaborate with brilliant individuals, both inside and outside of Chevron, who are naturally curious, thrive with constructive challenges, and are relentlessly driven to help address some of the most complex challenges we face in energy,” Alcoser said.

Why It Matters

“The world needs an ever-growing amount of lower carbon, affordable energy,” Alcoser noted. “We’re supporting innovative solutions that have the potential to improve the standard of living for people all over the world.”

Investing in the Future

CTV launched its first Future Energy Fund in 2018, followed by a second in 2021. The latest fund marks the 10th venture fund since CTV was established in 1999. Alcoser highlighted the exciting progress, saying, “It’s an extremely exciting junction in time. We are seeing many startups we originally invested in begin to scale, hire world-class talent, build first-of-a-kind facilities, bring manufacturing capabilities online, and engage new customers through novel commercial and financing agreements.”

The Future Energy Fund initiative not only showcases Chevron’s commitment to innovation and sustainability but also underscores the company’s proactive approach to addressing the global demand for lower carbon energy solutions.

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15th May 2024