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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Rice biotech studio secures investment from Modi Ventures, adds founder to board

fresh funding

RBL LLC, which supports commercialization for ventures formed at the Rice University Biotech Launch Pad, has secured an investment from Houston-based Modi Ventures.

Additionally, RBL announced that it has named Sahir Ali, founder and general partner of Modi Ventures, to its board of directors.

Modi Ventures invests in biotech companies that are working to advance diagnostics, engineered therapeutics and AI-driven drug discovery. The firm has $134 million under management after closing an oversubscribed round this summer.

RBL launched in 2024 and is based out of Houston’s Texas Medical Center Helix Park. William McKeon, president and CEO of the TMC, previously called the launch of RBL a “critical step forward” for Houston’s life sciences ecosystem.

“RBL is dedicated to building companies focused on pioneering and intelligent bioelectronic therapeutics,” Ali said in a LinkedIn post. “This partnership strengthens the Houston biotech ecosystem and accelerates the transition of groundbreaking lab discoveries into impactful therapies.”

Ali will join board members like managing partner Paul Wotton, Rice bioengineering professor Omid Veiseh, scientist and partner at KdT Ventures Rima Chakrabarti, Rice alum John Jaggers, CEO of Arbor Biotechnologies Devyn Smith, and veteran executive in the life sciences sector James Watson.

Ali has led transformative work and built companies across AI, cloud computing and precision medicine. Ali also serves on the board of directors of the Drug Information Association, which helps to collaborate in drug, device and diagnostics developments.

“This investment by Modi Ventures will be instrumental to RBL’s growth as it reinforces confidence in our venture creation model and accelerates our ability to develop successful biotech startups,” Wotton said in the announcement. "Sahir’s addition to the board will also amplify this collaboration with Modi. His strategic counsel and deep understanding of field-defining technologies will be invaluable as we continue to grow and deliver on our mission.”

New peer-to-peer grocery app launches in Katy with plans to expand

local goods

If computer scientist and mobile applications developer Arfhan Ahmad has his way, his burgeoning Houston-based startup, QuickPantri, will be directly responsible for adding to the definition of what it truly means to be neighborly.

“Fast delivery from next door” — that’s the tagline for Ahmad’s hyperlocal grocery platform, which focuses on solving last-mile access, neighborhood commerce and food affordability.

“I’m passionate about combining technology with real-world problems, especially those that impact working families and underserved communities,” Ahmad says. “I moved to Houston two years ago, and here I realized that grocery stores are far from the neighborhoods.”

Ahmad envisions QuickPantri will help people who need grocery items urgently, sparing them a trip to the store or costly delivery fees by letting them source items directly from their neighbors’ cupboards.

With his new peer-to-peer app, members — especially those tethered to their residence due to disability or immobility or those unable to make grocery runs with children in tow — can simply log on to QuickPantri and purchase grocery items from their own neighbors.

“My initial thought was, 'What if we have an app that allows people to open a grocery store at their own home and sell any essential items to other neighbors?'” Ahmad says. “So, after having this idea in my mind, I asked my neighbors, 'If I sell groceries from my home, would you buy them from me?' And most of them gave me positive responses. After doing some surveys online on the Nextdoor app and Facebook, I started building this app.”

And like a good neighbor, Ahmad launched QuickPantri in his own neighborhood in Katy.

He then looked at scaling, first by securing approvals from Harris County to sell pre-packaged grocery items from his home. The response exceeded his own expectations. In the last two months, Ahmad estimates that he has delivered to 250 homes in the Katy area. Ahmad has seen that most customers use the app in search of late-night snacks and drinks.

“Ninety-five percent of those orders were delivered in 15 to 30 minutes … Our plan is to expand in other high-risk communities and other cities,” Ahmad says.

To date, Ahmad has obtained approvals from Arizona, Utah and Nevada.

He’s in the process of launching version two. Starting September 1, other sellers will be able to join the app and apply to sell goods to their neighbors. Ahmad says he currently has 50 sellers on the waitlist.

Each seller is allotted a potential selling radius of 10 minutes to ensure swift delivery. Also, sellers are required to deliver the goods via bicycle or on foot, making QuickPantri a pollution-free delivery option.

Currently, the app only sells pre-packaged items and sellers are required to show the expiration date in photos. The app utilizes AI to check pricing for goods in the area, and Ahmad says the app typically lists prices lower than what AI predicts.

Outside of geographic reach and number of buyers and sellers, Ahmad also hopes to expand the list of items that can be sold on the app to include clothes, electronics and cleaning supplies.

“We want our seller to be the ultimate source,” Ahmad says.