new funding boosts support for innovative energy solutions

2 min read | may 08, 2024

As far as Luis Alcoser is concerned, he has the best job at Chevron.

“It involves working at the cutting edge with extremely passionate, diverse, world-class experts in everything from synthetic biology to nuclear fusion,” he said.

And as the general manager of Chevron Technology Ventures’ (CTV) Future Energy Fund, Alcoser’s role just became even more exciting.

CTV recently announced a new $500 million Future Energy Fund to invest in lower carbon technologies.

“We see access to innovative technology and novel business models as a key enabler for growth across the evolving energy sector.”

luis alcoser
general manager of future energy fund
chevron technology ventures

what’s the big idea?

The latest fund, the third announced since 2018, supports the evolving energy system by investing in innovative companies working in areas like:

Carbon capture, utilization,
and storage (CCUS)

Hydrogen

Lower carbon fuels

more on that

Through the Future Energy Funds, Chevron has committed approximately $900 million supporting early-stage, or emerging, lower carbon technologies.

So far, CTV has invested in more than 30 early-stage companies with more than 250 co-investors. This includes companies advancing carbon capture, utilization, and storage (CCUS), direct air capture and vehicle-charging networks.

“We are extremely fortunate to be in position to collaborate with brilliant individuals, inside as well as outside of Chevron, who are curious by nature, thrive with constructive challenge and are driven in relentless pursuit to help address many of the biggest most complex challenges we face in energy.”

The latest Future Energy Fund is the 10th venture fund launched since CTV was established in 1999.

why it matters

“The world needs an ever-growing amount of lower carbon, affordable energy,” Alcoser said. “We’re supporting innovative solutions that have the potential to improve the standard of living for people all over the world.”

investing in the future

CTV launched its first Future Energy Fund in 2018, followed by its second in 2021.

“It’s an extremely exciting junction in time,” Alcoser said. “We are seeing many startups we originally invested in begin to scale; hiring world-class talent, building first of-a-kind facilities, bringing manufacturing capabilities online and engaging new customers through novel commercial and financing agreements.”