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Chevron (CVX) Invests in San Jose-Based Carbon Capture Start-Up

Zacks Equity Research
·3-min read

Chevron Corporation CVX recently made a Series C investment inBlue Planet Systems Corporation. In addition, it signed a letter of intent with Blue Planet regarding cooperation on pilot projects and other commercial opportunities in prime geographic locations with the purpose of jointly developing lower-carbon prospects.

San Jose-domiciled Blue Planet Systems is a fledgling company that uses its own carbon capture process to extract fuel gas from refineries and other industrial activities into making materials. It manufactures and develops carbonate aggregates and carbon capture technology to lower the carbon footprint from industrial operations.

Chevron’s Technology Ventures unit president Barbara Burger states, “Carbon capture, utilization, and storage or CCUS is viewed to be essential to advancing progress toward the global net zero ambition of the Paris Agreement. This investment is made through our Future Energy Fund which focuses on startups with lower-carbon technologies that can scale commercially, and we welcome Blue Planet to this portfolio.”

In 2020, management announced an investment in Zap Energy, a nuclear fusion start-up company, which is building a next-generation modular nuclear reactor to lower carbon emissions.

Chevron sees fusion technology as a promising low-carbon future energy source. Further, management believes that investing in fusion will provide an opportunity to the company to concentrate more on a diversified portfolio of low-carbon energy resources with an ability to offer global communities an easy access to reasonably priced, dependable and ever-cleaner energy.

Company Profile

Chevron is one of the largest publicly traded oil and gas companies in the world with operations spread to almost every corner of the globe. This San Ramon, CA-based company is fully integrated, indicative of its participation in every energy-related aspect, right from oil production to refining and marketing.

Zacks Rank & Key Picks

Chevron currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are DCP Midstream Partners, LP DCP, Plains Group Holdings, L.P. PAGP and Altus Midstream Company ALTM, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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