Chevron Teams Up on Carbon Capture Investment
Chevron Technology Ventures, the tech arm of Chevron Corp., is teaming up with two other companies to invest in London-based Carbon Clean Solutions. Together with Marubeni Corp. and clean energy private equity company Wave, the firms are investing $16 million into the (CO2) capture & separation technology company.
The investment will be used to deliver an existing pipeline of global projects to lower emissions from the oil and gas industry. CCSL will also invest in the development of “containerized” solutions that aim to achieve a $30 per tonne cost of CO2 capture by 2021.
“Chevron is committed to producing affordable, reliable, and ever-cleaner energy,” Chevron Technology Ventures President Barbara Burger said in a written statement. “We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low carbon value chains. Our investment in Carbon Clean Solutions aims to help commercialize and scale carbon capture utilization and storage technologies, a key part of delivering on our commitment.”
This timing of the investment is ideal, as oil and gas companies have become even more vocal about increasing measures to decrease emissions of carbon dioxide and other greenhouse gases in recent quarters.
Aniruddha Sharma, CEO of CCSL, said: “This investment demonstrates the confidence our new investors have in our technology and its commercial scalability. We can now grow our company to a size that can help deliver projects to make a ‘net zero’ emissions world possible and expand our modularized CO2 capture technology to heavy industry.”
Praveen Sahay, Managing Director at WAVE, said CCSL can reduce the cost of carbon capture from industrial emissions by more than half. “This is the hardest 25% of GHG emission to control, and this affordable solution turns an economic liability into an asset,” Sahay added.
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