Chevron Corporation (NYSE: CVX) today announced an investment in
Baseload Capital AB, a Sweden-based private investment company
focused on development and operation of low-temperature geothermal
and heat power assets.
Heat power is an affordable form of renewable energy that can be
harnessed from either geothermal resources or waste heat. This
investment round includes existing Baseload Capital investors
Breakthrough Energy Ventures and Sweden-based investment group
Gullspang Invest AB.
The Baseload investment follows last month’s announcement of
funding for Eavor and expands Chevron’s capacity to gain insight
into geothermal innovations such as low-temperature power
generation and closed-loop geothermal technologies.
Chevron Technology Ventures (CTV) identifies externally
developed technology with the potential to enhance the way Chevron
produces and delivers affordable, reliable and ever-cleaner energy
now and into the future. The investments in Baseload and Eavor are
financed by CTV’s Core Venture fund which identifies companies with
technology that can add efficiencies to Chevron’s core business in
operational enhancement, digitalization, and lower-carbon
operations.
“Chevron’s investments in geothermal power reflect our ongoing
focus on helping to advance the world’s transition to a
lower-carbon future,” said Chevron’s Vice President, Innovation and
President of Technology Ventures, Barbara Burger. “We look forward
to working with Baseload Capital and Eavor to expand geothermal
resources in the U.S. and internationally.”
Chevron and Baseload are planning potential pilot projects to
test new technology. Baseload Capital currently operates in Japan,
Taiwan, Iceland, and the United States. As Baseload develops in
these regions and expands to new markets, Chevron and Baseload will
look for commercial geothermal and heat power opportunities in
additional Chevron operations.
“In August, we announced that we were looking for a new
strategic investor to help us accelerate deployment in our key
markets,” said Baseload’s Chief Executive Officer Alexander
Helling. “We couldn’t have asked for a better one. Chevron
complements our group of owners and adds expertise in drilling,
engineering, exploration and more. These assets are expected to
accelerate our ability to deploy heat power and strengthen our way
of working.”
About Baseload Capital
Baseload Capital is a specialized investment entity that funds
the deployment of heat power worldwide. The company currently has
subsidiaries in Iceland, Japan, Taiwan, and the U.S., which work
with local communities and power companies to permit, build and
commission heat power plants. By applying innovative financing
structures and using subsidiaries to roll out local implementation,
Baseload Capital can help nations quickly transition away from
fossil fuels and toward energy independence. The result will lead
to more resilient societies and a planet in balance. For more
information, visit: baseloadcap.com.
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) pursues and invests in
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/20210228005037/en/
Mary Murrin, mmurrin@chevron.com, +1 832-421-6996
Chevron (NYSE:CVX)
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