Chevron announced it has made a new investment in Carbon Clean. Carbon Clean’s technology is designed to reduce the costs and physical footprint required for carbon capture compared with many existing approaches, according to Hydrocarbonprocessing.
Carbon Clean’s technology and fully modular construction also aims to reduce site disruption and facilitate faster permitting.
“We look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions,” said Chris Powers, Vice President of Carbon Capture, Utilization, and Storage (CCUS) for Chevron New Energies (CNE). “Chevron has a long history of supporting innovation. We strive to apply our internal capabilities and longstanding partnership approach toward developing and commercializing breakthrough technologies, including those that enable lower carbon solutions in the marketplace.”
Chevron Technology Ventures made an initial investment in Carbon Clean in 2020. In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen and offsets and emerging energies, as well as support Chevron’s ongoing growth in biofuels.
As part of the new investment, Chevron and Carbon Clean are seeking to develop a carbon capture pilot for Carbon Clean’s CycloneCC technology on a gas turbine in San Joaquin Valley, California. Chevron is targeting 25 MMtpy of CO? in equity storage by the end of this decade, with a focus on developing regional hubs that leverage its existing and emerging partnerships with customers, governments and industry.
As MRC reported earlier, Chevron is buying biodiesel maker Renewable Energy Group Inc for USD3.15 B, in its biggest bet so far on alternative fuels. The second-biggest US oil and gas producer said on Monday it would pay USD61.5 in cash for each share of Renewable Energy, a premium of over 40% to the company's Friday close. Renewable Energy shares rose more than 37% in premarket trading.
We remind that in September 2021, Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, and Bunge North America, Inc., a subsidiary of Bunge Limited (NYSE: BG), announced a memorandum of understanding (MOU) of a proposed 50/50 joint venture to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks.
Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.
MRC