spotlighting 25 years of innovation

Carbon capture is a rapidly growing global industry working toward a lower carbon future. It is also just one of many emerging technologies Chevron Technology Ventures (CTV) has helped champion since its inception 25 years ago.

Jim Gable, CTV president, likens Chevron’s venture capital arm to a flashlight that can illuminate the most critical ideas ahead.

“We look at the edge of that light and can see developing technologies that might really impact us,” said Gable.

CTV was launched in 1999 with a vision to invest in new technologies with big potential.

The goal was, and remains, to use these technologies to help drive energy solutions forward. Throughout the past 25 years, CTV has invested in more than 140 promising technologies, including:

 

• An early investment in a 3D printing company that makes microscale metal devices.
• ThoughtTrace, a SaaS application that organizes and analyzes contracts and complex documents, enabling faster information retrieval and review to drive better decision-making.
• A capital injection to Ionomr Innovations. The startup is developing paths toward lower carbon solutions. This includes hydrogen production, fuel cells and a range of other electrochemical applications.

The U.S. Patent Office receives more than 500,000 new applications every year. Sometimes, the greatest sources of innovation are smaller companies—many of them startups.

By nourishing such promising enterprises, technologies that may contribute to a lower carbon future can be scaled.

Since its inception, CTV has been at the forefront of energy innovation.

One way is through its support of companies like Svante.

Chevron initially invested in Svante, which develops carbon capture and removal technology, in 2014. It later piloted the technology in 2022. This pilot is part of an agreement (Cooperative Agreement No. DE-FE0031944) with the U.S. Department of Energy National Energy Technology Laboratory.

“That’s an example of us scouting the horizon, looking at technology that might impact our business in the future and getting involved early,” Gable said. “Ten years ago, people were asking, ‘Hey, why are you investing in carbon capture?’ It has since become a core part of the business.”

As an early mover in emerging technologies, CTV helped pave the way for Chevron New Energies (CNE), which was formed in 2021 to accelerate lower carbon solutions, Gable said.

“CTV, in many ways, was a catalyst for the formation of CNE,” he said. “The effect we’ve had on the company’s strategy has been great to see.”

CTV’s 25th anniversary was recently celebrated during CERAWeek. During the event, Gable couldn’t help but reflect on everyone who helped it succeed.

“It really is all about the people,” he said. “Throughout the years, CTV has been filled with people who are energized, super smart and have a passion for the future.”

Jim Gable, president of CTV, reflects on 25 years of innovation.