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Houston-based corporate venture group makes 2 investments from new $300M fund

Chevron Technology Ventures has invested in two alternative energy startups. Photo via Getty Images

The venture arm of Chevron has made two recent investments as a part of a new fund. Both of the companies are creating solutions within alternative energy innovation.

Chevron Technology Ventures announced its $300 million Future Energy Fund II in February, and the two recent investments represent the first moves made by the new fund.

The first investment was in Denver-based Starfire Energy, which develops modular chemical plants for the production of carbon-free ammonia and carbon-free hydrogen. The company closed its funding round earlier this month at an undisclosed amount. The round was led AP Ventures, which focuses on hydrogen production, storage, and transportation innovations, with contributions from CTV, New Energy Technologies, Osaka Gas USA, and Mitsubishi Heavy Industries.

"Our investment in Starfire Energy gives us visibility into green hydrogen's potential to improve the way ammonia is produced, distributed, and consumed," says Barbara Burger, vice president of innovation and president of CTV, in a news release. "This is the first investment from our new $300 million Future Energy Fund II, which will focus on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular carbon economy."

The funds will be used to scale operations to decarbonize ammonia production and and move it forward as a zero-carbon energy carrier. According to the release, ammonia has a lot of potential within the alternative energy space. It has an energy density "comparable to fossil fuels and significantly higher than Li-ion batteries, compressed, or liquid hydrogen." Additionally, it's cheap to transport and store.

The second investment, which was finalized this week, was into a Nevada-based company that is developing low-cost floating wind turbines. Ocergy Inc.Inc.'s series A, which didn't have its value disclosed, was invested in by Moreld Ocean Wind and CTV.

"We are delighted about this partnership as it will allow Ocergy to advance and commercialize its innovative technologies," says Ocergy CEO Dominique Roddier in a news release. "With MOW onboard we gain a trusted partner who will be able to provide an EPCI solution for OCG-Wind, a key requirement for many of our clients. We are excited to have gained Chevron's investment and look forward to potential opportunities for their guidance and expertise executing some of the most complex offshore projects in the world."

Ocergy's floating wind turbines are low-cost. Photo via release

The company will use the funds for growth and commercialization.

"Offshore wind power is undergoing a period of rapid innovation in an effort to provide lower carbon energy at a substantial scale," Burger says. "Ocergy has developed technology that could be part of the solution to enable more affordable, reliable, and ever-cleaner energy in a marine environment."

Future Energy Fund II is the eighth venture fund created by Chevron Technology Ventures since its establishment in 1999. In 2019, the investment arm started a $90 million fund to invest in startups that can help accelerate the oil and gas business of San Ramon, California-based Chevron.

Barbara Burger is vice president of innovation at Chevron and president of CTV. Photo courtesy of CTV

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Building Houston

 
 

Veronica Wu, founder of First Bight Ventures, recently announced new team members and her hopes for making Houston a leader in synthetic biology. Photo courtesy of First Bight Ventures

Since launching earlier this year, a Houston-based venture capital firm dedicated to investing in synthetic biology companies has made some big moves.

First Bight Ventures, founded by Veronica Wu, announced its growing team and plans to stand up a foundry and accelerator for its portfolio companies and other synthetic biology startups in Houston. The firm hopes to make Houston an international leader in synthetic biology.

“We have a moment in time where we can make Houston the global epicenter of synthetic biology and the bio economy," Wu says to a group of stakeholders last week at First Bight's Rocketing into the Bioeconomy event. "Whether its energy, semiconductor, space exploration, or winning the World Series — Houstonians lead. It’s in our DNA. While others look to the stars, we launch people into space.”

At First Bight's event, Wu introduced the company's new team members. Angela Wilkins, executive director of the Ken Kennedy Institute at Rice University, joined First Bight as partner, and Serafina Lalany, former executive director of Houston Exponential, was named entrepreneur in residence. Carlos Estrada, who has held leadership positions within WeWork in Houston, also joins the team as entrepreneur in residence and will oversee the company's foundry and accelerator that will be established to support synthetic biology startups, Wu says.

“First Bight is investing to bring the best and the brightest — and most promising — synthetic biology startups from around the country to Houston," Wu continues.

First Bighthas one seed-staged company announced in its portfolio. San Diego-based Persephone Biosciences was founded in 2017 by synthetic and metabolic engineering pioneers, Stephanie Culler and Steve Van Dien. The company is working on developing microbial products that impact patient and infant health.

Wu, who worked at Apple before the launch of the iPhone and Tesla before Elon Musk was a household name, says she saw what was happening in Houston after her brother moved to town. She first invested in Houston's synthetic biology ecosystem when she contributed to one of Solugen's fundraising rounds. The alternative plastics company is now a unicorn valued at over $1 billion.

“I founded First Bight because of what I see is the next great wave of technology innovation," she says at the event. "I founded it in Houston because the pieces are right here.”

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