Chevron Corporation’s tech arm, “Chevron Technology Ventures,” is partnering up with two other companies to invest in London-based company, Carbon Clean Solutions (CC SL). The firms, WAVE (a clean energy private equity company), Chevron, and Marubeni Corporation are investing up to $16 million into the low price carbon capture and separation technology company.
The companies will use the investment to deliver an existing pipeline of projects around the world to lower emissions from the gas and oil industry. Additionally, CC SL will invest in the production of containerized solutions, with which it aims to reach a $30 per ton price of carbon capture by 2021.
Barbara Burger, the President of Chevron Technology Ventures, said:
Chevron is committed to producing affordable, reliable, and ever-cleaner energy. We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low carbon value chains. Our investment in Carbon Clean Solutions aims to help commercialize and scale carbon capture utilization and storage technologies, a key part of delivering on our commitment.
This investment came at an ideal time, as gas and oil companies have become more vocal about pressing measures to decrease emissions of CO2, methane and other greenhouse gases.
The CEO of CC SL, Aniruddha Sharma, explained:
This investment demonstrates the confidence our new investors have in our technology and its commercial scalability. We can now grow our company to a size that can help deliver projects to make a ‘net zero’ emissions world possible and expand our modularized CO2 capture technology to heavy industry.
According to the Managing Director at WAVE, Praveen Sahay, CC SL can reduce the price of carbon capture from industrial emissions by over 50%.
