STOCK TITAN

Chevron Invests in Geothermal Development Company

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

Chevron Corporation (NYSE: CVX) has announced an investment in Baseload Capital AB, a Swedish firm specializing in low-temperature geothermal and heat power assets. This investment, part of Chevron Technology Ventures’ Core Venture fund, aims to enhance Chevron’s renewable energy capabilities and support the transition to a lower-carbon future. Baseload Capital, which operates in multiple countries, plans pilot projects with Chevron to deploy innovative geothermal technologies. The partnership is expected to accelerate the development of geothermal resources in the US and beyond.

Positive
  • Chevron's investment in Baseload Capital enhances its renewable energy portfolio.
  • Collaboration aims to expand geothermal resource development in the US and internationally.
  • Investment aligns with Chevron's focus on lower-carbon energy solutions.
Negative
  • None.

Chevron Corporation (NYSE: CVX) today announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets.

Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB.

The Baseload investment follows last month’s announcement of funding for Eavor and expands Chevron’s capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies.

Chevron Technology Ventures (CTV) identifies externally developed technology with the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy now and into the future. The investments in Baseload and Eavor are financed by CTV’s Core Venture fund which identifies companies with technology that can add efficiencies to Chevron’s core business in operational enhancement, digitalization, and lower-carbon operations.

“Chevron’s investments in geothermal power reflect our ongoing focus on helping to advance the world’s transition to a lower-carbon future,” said Chevron’s Vice President, Innovation and President of Technology Ventures, Barbara Burger. “We look forward to working with Baseload Capital and Eavor to expand geothermal resources in the U.S. and internationally.”

Chevron and Baseload are planning potential pilot projects to test new technology. Baseload Capital currently operates in Japan, Taiwan, Iceland, and the United States. As Baseload develops in these regions and expands to new markets, Chevron and Baseload will look for commercial geothermal and heat power opportunities in additional Chevron operations.

“In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets,” said Baseload’s Chief Executive Officer Alexander Helling. “We couldn’t have asked for a better one. Chevron complements our group of owners and adds expertise in drilling, engineering, exploration and more. These assets are expected to accelerate our ability to deploy heat power and strengthen our way of working.”

About Baseload Capital

Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. The company currently has subsidiaries in Iceland, Japan, Taiwan, and the U.S., which work with local communities and power companies to permit, build and commission heat power plants. By applying innovative financing structures and using subsidiaries to roll out local implementation, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance. For more information, visit: baseloadcap.com.

About Chevron Technology Ventures

Chevron Technology Ventures (CTV) pursues and invests in externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.

NOTICE

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partn

FAQ

What is Chevron's recent investment in Baseload Capital about?

Chevron has invested in Baseload Capital to enhance its renewable energy efforts focused on low-temperature geothermal and heat power assets.

How does the investment in Baseload Capital impact CVX shareholders?

The investment is expected to strengthen Chevron's position in renewable energy, potentially benefiting CVX shareholders in the long term.

When was Chevron's investment in Baseload Capital announced?

Chevron announced the investment today.

What technology will Chevron focus on with Baseload Capital?

Chevron will focus on low-temperature power generation and closed-loop geothermal technologies.

Where does Baseload Capital operate?

Baseload Capital operates in Japan, Taiwan, Iceland, and the United States.

Chevron Corporation

NYSE:CVX

CVX Rankings

CVX Latest News

CVX Stock Data

288.27B
1.68B
6.66%
69.34%
3.3%
Oil & Gas Integrated
Petroleum Refining
Link
United States of America
SAN RAMON