Chevron has invested in a carbon capture and utilization startup, Blue Planet Systems Corporation, which provides top-notch carbon capture and utilization technologies.
The amounts of the investment were not disclosed. Blue Planet is a startup that manufactures and develops one-of-a-kind carbon capture technologies, intended to reduce the carbon footprint from energy corporations.
One of the solutions from Blue Planet is carbonate aggregates, which reduce carbon intensity from industrial operations. These carbonate-based solutions are made from flue gas-captured CO2.
According to Chevron’s statement, the San Jose-based company manufactures these solutions with a distinction from other alternatives; Blue Planet’s do not need CO2 purification and enrichment prior to its use. This reduces costs and energy consumed during the capture.
Founded in 2013, technology developed by the company would enable permanent CO2 capture in building materials at scale, which makes CO2 an actual product for sale in the global growing market of carbon capture and utilization.
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Approach from Blue Planet could enforce Chevron’s further efforts
Chevron’s investment is a Series C investment; made through their Future Energy Fund, which focuses precisely in innovative solutions from startups, and other companies, in the carbon capture technology field.
About the investment, Barbara Burger, VP of innovation at Chevron, said: “Carbon capture, utilization, and storage, or CCUS, is viewed to be essential to advancing progress toward the global net zero ambition of the Paris Agreement.”
“This investment is made through our Future Energy Fund which focuses on startups with lower-carbon technologies that can scale commercially, and we welcome the company to this portfolio,” she concluded.
“The investment may also provide future opportunities to incorporate Blue Planet’s approach into Chevron’s projects,” added Brent Constantz, founder, CEO and chief scientist at Blue Planet.
“Chevron is a leader in scouting and identifying innovative and game-changing approaches to lower-carbon intensity,” he concluded.
