Oil giant Chevron Corp. has boosted the amount of capital committed to its VC program, Chevron Technology Ventures, in a fourth fund that will invest $75 million in startups, an executive
told Clean Technology Investor. The latest fund will have a new, though not particularly robust, emphasis on clean technology.
The new fund is up from a $50 million commitment the $210 billion company made in its previous fund; Chevron committed $60 million to its first two funds. Trond Unneland, who will head the new fund, says the fund will be split evenly between oil and gas technologies, information technology and clean technology or renewable energy.
The fund had previously made investments in renewable energy and cleantech, but with its focus on the energy industry overall, and on new materials. The fund's most prominent recent investments include SciCortex Inc., a designer of extremely high-speed blade computers used in scientific applications in oil and gas exploration; Artificial Muscles Inc., a proprietary materials maker that is replacing mechanical processes with electrically charged shape-shifting devices; Sub-One Technology Inc., a pipeline coating materials company; and SpectraSensors Inc., a maker of industrial sensors. - Clifford Carlsen
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