Chevron Technology Ventures LLC (CTV) announced the launch of a $300 million fund to go toward technologies that may prove to be affordable, reliable and reduce emissions.

The Future Energy Fund II by the Chevron Corp. unit would build upon the success of the first Future Energy Fund, which was launched in 2018. The funds are focused on innovating in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy. 

“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” said CTV President Barbara Burger. “I’m proud that our second Future Energy Fund has the potential to make energy and global supply chains more sustainable by helping industries and our customers build a lower-carbon future.”

CTV’s first fund invested in more than 10 companies to support innovations in carbon capture, emerging mobility and energy storage. Future Energy Fund II is CTV’s eighth venture since it was established in 1999. 

Chevron also invests as a limited partner in the Oil and Gas Climate Initiative’s Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.