Carbon+Intel: Chevron invests in Carbon Clean's CO2 capture technology
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. 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.
“Chevron’s investment demonstrates interest in our technology, business strategy and rapidly expanding order book. We are seeking to deliver a revolution in carbon capture driven by our modular technology and are thrilled that Chevron shares our vision for the sector,” said Aniruddha Sharma, Co-founder and CEO of Carbon Clean. “We are working to remove the biggest barriers to the adoption of widespread industrial carbon capture. It is vital that we decarbonize hard-to-abate sectors while developing new low-carbon technologies. This latest investment and our work with partners, such as Chevron, will provide us with the opportunity to deliver exponential growth in carbon capture and meet ever rising demand.”
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 CO₂ 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.
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