Oil major invests in carbon capture startup
U.S. oil major Chevron Corp said it has invested in Blue Planet Systems Corp, a startup that manufactures and develops carbon capture technology to reduce carbon footprint.
"This investment is made through our Future Energy Fund which focuses on startups with lower-carbon technologies that can scale commercially," said Barbara Burger, president of Chevron Technology Ventures, the venture capital division of the company.
Chevron and San Jose-based Blue Planet also signed a letter of intent to collaborate on potential pilot projects and commercial development in some geographies.
Last year, Chevron said it was investing in nuclear fusion start up Zap Energy Inc as energy companies face increasing pressure from investors to reduce emissions, spend more on low-carbon energy and disclose the impact of their fossil fuel production on climate change. (Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta)
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