Financial Energy Review
Chevron is investing in a California startup that captures carbon dioxide from factories and converts the greenhouse gas into gravel and other building materials.
Chevron said it has invested in Blue Planet Systems Corp, a startup that manufactures and develops carbon capture technology to reduce carbon footprint.
“This investment is made through our Future Energy Fund which focuses on startups with lower-carbon technologies that can scale commercially,” said Barbara Burger, president of Chevron Technology Ventures, the venture capital division of the company.
Chevron’s Series C investment in Blue Planet Systems Corp. entails collaboration on pilot projects and “commercial development in key geographies,” the oil giant said in a statement. The size and duration of Chevron’s financial commitment were not disclosed.
Blue Planet makes construction aggregate from CO2 from industrial sources. The process it is said does not require purification or enrichment as a result reducing production costs.
“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 Burger.
Chevron rival Occidental Petroleum Corp. is pursuing different carbon-capture technology that aims to draw CO2 from the atmosphere and bury it underground
