Through its startup technology arm, Chevron is joining two other firms in investing in Carbon Clean Solutions, which provides portable carbon capture technology for the oil field and other industrial facilities.
Chevron Technology Ventures, Tokyo industrial conglomerate Marubeni Corp. and Wave, a Boston clean energy private equity firm, are injecting $16 million into the London-based company.
Carbon Clean Solutions Limited is developing a carbon capture system that can be shipped to a remote sites, where it will remove carbon dioxide at a price of $30 per ton. A prototype is expected to be delivered by 2021.
“Chevron is committed to producing affordable, reliable, and ever-cleaner energy,” Chevron Technology Ventures President Barbara Burger said in a statement. “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.”
Although a modest investment by industry standards, the project comes at a time when oil and natural gas companies are seeking to reduce their environmental effects and reduce emissions of carbon dioxide and other greenhouse gases.
Houston oil company Occidental Petroleum and the French energy major Total announced in January that they are partnering on a major carbon-capture project at an industrial cement plant in Colorado.
Last year, Occidental announced that it would test carbon capture technology in the Permian Basin of West Texas, the nation’s largest and busiest oil field, where the company also plans to receive power for some of its operations from nearby solar farms.
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