Money makers

Chevron Technology Ventures launches $90 million fund

Chevron Technology Ventures' new fund will seek out "high-tech, high-growth startups." Getty Images

Houston-based Chevron Technology Ventures announced today that it's launched a new $90 million fund to focus scalable tech companies that could improve and advance Chevron's oil and gas business.

Fund VII, according to a release from CTV, will target early- to mid-stage companies and limited partnership funds.

"CTV serves as an excellent source within Chevron for new business models and novel technologies that can deliver value to the enterprise through their integration," says CTV president, Barbara Burger, in the release. "We are using venture capital as a conduit for early access to innovation and to build a pipeline of innovation for Chevron."

Chevron's last fund was a $100 million fund in June of 2018 called the Future Energy Fund, according to a release. The goals of that fund were to find solutions regarding lower carbon emissions and cleaner energy, the release states.

Chevron's venture arm has made 90 investments over its 20 years of existence and has fostered innovation inside the corporation and within the energy landscape as a whole. The firm boasts of being the longest-running continuously operating oil and gas corporate venture capital group.

According to its website, CTV's portfolio includes projects in both of its upstream and downstream businesses — including startups focusing on communications, information technologies, alternative energy, and more.

In January, CTV entered into a partnership with The Cannon to further develop the entities commitment to Houston innovation and startups.


Barbara Burger is the president of Chevron Technology Ventures.Courtesy of Chevron

It's not easy being green

Texas again ranks poorly for its energy efficiency

Texas has been deemed inefficient when it comes to energy. Photo courtesy of Thomas Miller/Breitling Energy

Despite some growth in the industry's regional job market, Texas fails to rise through the ranks of a national report on energy efficiency.

For the second year in a row, the Lone Star State has made the list of the states with the worst energy efficiency, according to a report for personal finance website, WalletHub. Last year, the state ranked No. 42 in the country; however, this year's study had Texas at No. 41 of the 48 states evaluated. Hawaii and Alaska were left out due to data restrictions.

The report, which was released just in time for National Energy Awareness Month, looked at consumer usage of home electricity, as well as oil and fuel for cars and trucks. According to the report, a United States family will spend around $2,000 annually on utilities — and heating and cooling makes up about half of that bill. On average in 2018, consumers spent another $2,109 on oil and fuel for their vehicles.

Adopting energy-efficient tools and practices could help reduce consumer cost by 25 percent for utilities and around $638 on the roads. Texas has seen a growth in the job market for positions relating to energy efficiency, according to a recent report. The number of energy-efficiency-oriented jobs across Texas rose by 5.3 percent last year to 162,816, according to the report, and energy-efficiency workers account for 17 percent of all energy workers in Texas, the report says.

Texas, with its hot climate and underdeveloped public transportation systems, scored only 36.48 total points on the WalletHub report, which is up slightly from last year's 33.34 points. The state ranked No. 36 on home energy efficiency and No. 45 for auto energy efficiency.

Texans drove over 270 billion miles last year and used over 20 billion gallons of gas, the second worst and worst rankings, respectively, among the states considered for this study.

While maybe the state isn't rising on this list of consumer energy efficiency yet, the state has seen great economic growth specifically in the wind energy industry. The American Wind Energy Association's annual report for 2018 shows the wind energy sector employs between 25,000 and 26,000 people in Houston and elsewhere in Texas, up from 24,000 to 25,000 in 2017, with the total investment in Texas wind energy projects sitting at a whopping $46.5 billion. More than one-fifth of wind energy jobs in the U.S. are located in Texas.

"Houston is actively working to grow this sector, so we hope people will seriously think of Houston when they think of renewables in this new era of energy," Davenport says at an April 9 news conference in Houston where the American Wind Energy Association released its 2018 state-of-the-industry report.