Chevron Technology Ventures invests in Baseload Capital
Chevron Technology Ventures, whose president is Barbara J. Burger, powers up a Swedish investment company focused on developing and operating low-temperature geothermal and heat power assets. The amount invested by CTV in Baseload Capital AB was not disclosed. Existing investors Breakthrough Energy Ventures and Gullspång Invest AB also participated in the round.
Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. Chevron and Baseload are planning pilot projects to test the new technology. Baseload currently operates in Japan, Taiwan, Iceland and the United States. In a statement, Barbara said the Chevron’s investments “in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future.”
The investment was made out of CTV’s 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. It is one of eight funds that have been launched since CTV was established in 1999, including its new $300 million Future Energy Fund II. (See Story in That's A Wrap).