Reportedly, Chevron Corporation (CVX) has made a Series C investment in Blue Planet Systems Corporation. The oil giant has also signed a letter of intent with Blue Planet regarding full assistance and cooperation on pilot projects and other commercial opportunities in major geographic locations with the purpose of jointly working on lower-carbon prospects.
Blue Planet Systems is a fledgling young company that has its own carbon capture process to extract fuel gas from refineries and other industrial activities into making materials. It is involved in the manufacturing and development of carbonate aggregates and carbon capture technology to reduce the carbon footprint from industrial operations.
Chevron’s Technology Ventures unit president Barbara Burger stated, “Carbon capture, utilization, and storage or CCUS is viewed to be essential to advancing progress toward the global net-zero ambition of the Paris Agreement. This investment is made through our Future Energy Fund which focuses on startups with lower-carbon technologies that can scale commercially, and we welcome Blue Planet to this portfolio.”
Brent Constantz, founder, CEO, and chief scientist at Blue Planet stated, “Chevron is a leader in scouting and identifying innovative and game-changing approaches to lower-carbon intensity,” “The investment may also provide future opportunities to incorporate Blue Planet’s approach into Chevron’s projects.”
Chevron believes that fusion technology is a promising low-carbon future energy source and investing in fusion will allow the company to concentrate more on a diversified portfolio of low-carbon energy resources. The above inclusion will allow Chevron to offer global communities easy access to reasonably priced, dependable, and ever-cleaner energy.
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Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.