Chevron Technology Ventures (CTV) announced today that it has launched its CTV Fund V, a US$90 million venture capital fund to invest in early- to mid-stage companies and in limited partnership funds.
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.
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.
Formed in June 1999, CTV invests in technology start-up companies whose innovations could benefit Chevron’s existing businesses and lead to new growth opportunities.
CTV identifies, sponsors and demonstrates emerging technology and champions its integration into Chevron.