The FINANCIAL — Chevron Technology Ventures LLC (CTV) has launched CTV Fund V, a $90 million venture capital fund to invest in early- to mid-stage companies and in limited partnership funds, according to Chevron Corporation.
Investments from CTV Fund V will focus on companies developing emerging technologies that have the potential to improve Chevron’s oil and gas base business performance or create new opportunities for growth.
“We provide an excellent source of innovative technologies that can deliver value to Chevron’s business units when applied,” said Barbara Burger, CTV President. “We are using venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron,” she added.
CTV-managed strategic investments prior to Fund V have supported a wide range of companies and venture capital funds. Partner technologies are used across Chevron’s Upstream and Downstream business units, producing substantial earnings for the company. CTV screens more than 400 opportunities per year, selecting one to three companies in which to invest. The company has a current portfolio of 37 companies, according to Chevron Corporation.
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