The venture capital arm of multinational energy giant Chevron has launched a $90m fund to target early to mid-stage companies and investments in limited partnership funds.
CTV Fund V will focus on companies developing emerging technologies which have the potential to improve Chevron’s oil and gas business performance or create new opportunities for growth, a statement from the company said.
Barbara Burger, president of CTV, said, “We provide an excellent source of innovative technologies that can deliver value to Chevron’s business units when applied.
“We are using venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron.”
CTV says it screens more than 400 opportunities every year, picking between one and three in which to invest.
The business arm currently has a portfolio of 37 companies.
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