Private Equity | Capital Markets | New Trends

Chevron Invests in Renewables-Focused PE Firm

Share Print Bookmark    |    Monday,March 01,2021

Chevron Corp. announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets.

Chevron and Baseload are planning potential pilot projects to test new technology.

Heat power is aform of renewable energy that can be harnessed from either geothermal resources or waste heat. This investment round includes existing Baseload Capital investors Breakthrough Energy Ventures and Sweden-based investment group Gullspang Invest AB.

The Baseload investment follows last month's announcement of funding for Eavor and expands Chevron's capacity to gain insight into geothermal innovations such as low-temperature power generation and closed-loop geothermal technologies.

Chevron Technology Ventures (CTV) identifies externally developed technology with the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy now and into the future. The investments in Baseload and Eavor are financed by CTV's Core Venture fund which identifies companies with technology that can add efficiencies to Chevron's core business in operational enhancement, digitalization, and lower-carbon operations.

Chevron's Vice President, Innovation and President of Technology Ventures, Barbara Burger, commented: "Chevron's investments in geothermal power reflect our ongoing focus on helping to advance the world's transition to a lower-carbon future. We look forward to working with Baseload Capital and Eavor to expand geothermal resources in the U.S. and internationally."

Baseload Capital currently operates in Japan, Taiwan, Iceland, and the United States. As Baseload develops in these regions and expands to new markets, Chevron and Baseload will look for commercial geothermal and heat power opportunities in additional Chevron operations.

Baseload's Chief Executive Officer Alexander Helling added: "In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets. We couldn't have asked for a better one. Chevron complements our group of owners and adds expertise in drilling, engineering, exploration and more. These assets are expected to accelerate our ability to deploy heat power and strengthen our way of working."