novel ideas, established companies key to advancing lower carbon tech

As the world’s energy needs increase, many forms of energy will be needed to meet the growing demand. Companies like Chevron are a big part of these solutions.

Jim Gable, president of Chevron Technology Ventures, and Jeff Gustavson, president of Chevron New Energies, joined the Reuters NEXT 2024 conference. The Chevron executives discussed the roles that existing companies can play in meeting the world’s energy needs while advancing lower carbon technologies.

Key takeaways from their discussions:

• Chevron has the capabilities, assets and customer relationships to develop novel tech. Corporate venture capital units like Chevron Technology Ventures invest in new technologies to enable scalable solutions.
• Progress depends on lowering the cost and risk of innovation. While innovation presents multiple pathways to lower the carbon intensity of energy, solutions must be reliable and affordable to be sustainable.
• Large companies can use their extensive resources, expertise and infrastructure to support innovative solutions. Established companies can also collaborate with earlier-stage companies through investments, trials and other initiatives.

• Chevron is finding new ways to lower the carbon intensity of today’s energy while building new, lower carbon solutions for tomorrow.
• Chevron Technology Ventures has invested in more than 140 startups, piloting technology and solutions from 80% of those companies. And approximately 50% of those companies have gone on to become Chevron suppliers at some level.