Energy supermajor Chevron (NYSE: CVX) has announced its investment in leading industrial CO2 capture firm Carbon Clean.
Carbon Clean has made great progress in reducing the costs of carbon capture – something that has been a major hurdle to wider adoption.
The company’s technology also has a significantly smaller physical footprint than most existing alternatives and can be applied much facter thanks to its fully modular construction.
Chevron has a history of innovation, as stated by Chris Powers, vice president of Carbon Capture, Utilization, and Storage (CCUS) with Chevron New Energies (CNE).
And by partnering with Carbon Clean, the corporation hopes to advance its pursuit of lower carbon solutions.
But it wouldn’t be Chevron’s first time to invest in Carbon Clean.
The initial investment was made two years prior, in 2020.
And in 2021, the energy giant launched CNE to support lower carbon opportunities in hydrogen, carbon capture and carbon offsets.
As part of this latest investment, however, both Chevron and Carbon Clean will be looking to develop a carbon capture pilot on a gas turbine in San Joaquin Valley, California.
Carbon capture has been widely recognized as a key tool in the decarbonization of the hard-to-abate and emissions-intensive sectors, such as cement, steel and refining.
At present, Chevron is aiming to capture and store 25 million metric tons of CO2 annually by 2030 and develop regional hubs that can use its existing and budding partnerships with governments, industry and customers.
In turn, Chevron’s investment will also help Carbon Clean deliver ‘deliver exponential growth in carbon capture and meet ever rising demand,’ as shared by the company’s co-founder and CEO Aniruddha Sharma.