Chevron Corp. launched a new $300 million fund on Feb. 25 aimed to address challenges facing the oil and gas industry in the so-called energy transition through investments in low-carbon technologies.

The U.S. oil major hopes to build on the success of its previous fund, Future Energy Fund, which has already invested in more than 10 companies focused on innovations in carbon capture, emerging mobility and energy storage.

“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” Barbara Burger, vice president of innovation and president of technology ventures at Chevron, said in a statement.

The first Future Energy Fund, launched by the company’s venture capital arm Chevron Technology Ventures in 2018, attracted more than 150 other investors. Chevron said Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy.

“I’m proud that our second Future Energy Fund has the potential to make energy and global supply chains more sustainable by helping industries and our customers build a lower-carbon future,” Burger added.

Future Energy Fund II is the eighth venture fund launched since Chevron Technology Ventures was established in 1999.

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Chevron Technology Ventures also has a Core Energy Fund which invests in technologies with the potential to have a significant impact on Chevron’s core business through operational enhancements, digitalization and low-carbon operations.

Additionally, Chevron is an investor as a limited partner in funds such as the Oil & Gas Climate Initiative’s (OGCI) Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.

Recent sustainable investments by Chevron include the company’s investment last month in Blue Planet Systems Corp., a startup commercializing a technology that makes a substitute for limestone in concrete and building materials from CO₂. Chevron also formed a joint venture in October to market dairy biomethane, a renewable natural gas made of methane emissions from cattle.

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