Chevron New Energies, the low carbon business unit of the oil and gas company, has recently combined its Emerging business line into its Carbon Capture, Utilization, and Storage (CCUS) unit.
With this new development VP Chris Powers adds emerging technologies like geothermal and lithium to his purview, with an eye on exploring and developing the potential synergies between them and CCUS, as well as potentially the other parts of the Chevron New Energies portfolio.
That portfolio includes carbon capture but also hydrogen, renewable fuels and carbon offsets, encompassing all low carbon business opportunities Chevron defined back in 2021 when it set aside a $10 billion capital allocation package that will run up to 2028.
The potential of geothermal as an energy source for CCUS, as well as hydrogen production could be among the directions explored.
Carbon capture has attracted substantial interest and investment over the last year, with several CCUS project announcements by the company:
- Leading a $45 million Series A round of investment into ION Clean Energy who are developing technology focused on hard-to-abate industries
- A collaboration with JX Nippon Oil&Gas Exploration for developing a CCS value chain
- Taking a leading role in a $318 million Series E funding round for Canadian carbon capture and removal company Svante
The company is also making headway with hydrogen. A new solar-to-hydrogen project in the Lost Hills field in California is expected to produce about 2.2 tons of hydrogen per day by 2025.
Read more: Chevron To Use Carbon Capture Technology From Fluor
