Technology Ventures Funds Blue
Planet
Chevron Corporation (NYSE: CVX) today announced a Series C
investment in San Jose-based Blue Planet Systems Corporation (“Blue
Planet”), a startup that manufactures and develops carbonate
aggregates and carbon capture technology intended to reduce the
carbon intensity of industrial operations.
Chevron Technology Ventures’ ongoing investment in carbon
capture and utilization technologies supports Chevron’s focus on a
diverse portfolio of lower-carbon solutions. In connection with its
investment, Chevron and Blue Planet also executed a letter of
intent to collaborate on potential pilot projects and commercial
development in key geographies, with the goal of jointly advancing
lower-carbon opportunities.
Blue Planet creates carbonate-based building aggregate made from
flue gas-captured CO2. Distinct from some other industrial carbon
capture and utilization technologies, Blue Planet’s process does
not require CO2 purification and enrichment prior to use which can
reduce cost and unit energy consumed during capture. Founded in
2013, Blue Planet’s technology potentially enables permanent
capture of CO2 in building materials at scale, converting CO2 to a
lower-carbon product for sale in the growing global market of
aggregates.
“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,” said Barbara Burger, VP of
innovation and president of Technology Ventures at Chevron. “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,” said
Burger.
“Chevron is a leader in scouting and identifying innovative and
game-changing approaches to lower-carbon intensity,” said Brent
Constantz, founder, CEO, and chief scientist at Blue Planet. “The
investment may also provide future opportunities to incorporate
Blue Planet’s approach into Chevron’s projects.”
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) pursues externally developed
technologies and new business solutions that have the potential to
enhance the way Chevron produces and delivers affordable, reliable,
and ever-cleaner energy. CTV leverages innovative companies and
technologies to strengthen Chevron’s core operations and identifies
new opportunities to shape the future of energy. For more
information, visit
www.chevron.com/technology/technology-ventures.
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version on businesswire.com: https://www.businesswire.com/news/home/20210114005281/en/
Mary Murrin, mmurrin@chevron.com, +1
832-421-6996
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