Reportedly, Chevron Corporation (CVX) has announced an investment in a Sweden-based private investment company, Baseload Capital AB, building on the development and operation of low-temperature geothermal and heat power assets. The investment includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB. Heat power, an affordable form of renewable energy that is harnessed from either geothermal resources or waste heat.
“Chevron’s investments in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future. We look forward to working with Baseload Capital and Eavor to expand geothermal resources in the U.S. and internationally.” stated Chevron’s Vice President, Innovation, and President of Technology Ventures, Barbara Burger.
Chevron’s last month’s announcement of funding for Eavor further expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies. Chevron Technology Ventures works and identifies with externally developed technology with the potential to enhance the way Chevron produces, delivers clean, affordable, and reliable energy now and into the future. The investments in Baseload and Eavor are financed by Chevron Technology Ventures’s Core Venture fund.
Chevron and Baseload are planning to launch potential pilot projects to test new technology. Baseload Capital currently operates in Japan, Taiwan, Iceland, and the United States.
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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.