Chevron Invests in Carbon Capture and Utilization Startup

Technology Ventures Funds Blue Planet

HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today announced a Series C investment in San Jose-based Blue Planet Systems Corporation (“Blue Planet”), a startup that manufactures and develops carbonate aggregates and carbon capture technology intended to reduce the carbon intensity of industrial operations.

Chevron Technology Ventures’ ongoing investment in carbon capture and utilization technologies supports Chevron’s focus on a diverse portfolio of lower-carbon solutions. In connection with its investment, Chevron and Blue Planet also executed a letter of intent to collaborate on potential pilot projects and commercial development in key geographies, with the goal of jointly advancing lower-carbon opportunities.

Blue Planet creates carbonate-based building aggregate made from flue gas-captured CO₂. Distinct from some other industrial carbon capture and utilization technologies, Blue Planet’s process does not require CO₂ purification and enrichment prior to use which can reduce cost and unit energy consumed during capture. Founded in 2013, Blue Planet’s technology potentially enables permanent capture of CO₂ in building materials at scale, converting CO₂ to a lower-carbon product for sale in the growing global market of aggregates.

“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,” said Barbara Burger, VP of innovation and president of Technology Ventures at Chevron. “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,” said Burger.

“Chevron is a leader in scouting and identifying innovative and game-changing approaches to lower-carbon intensity,” said Brent Constantz, founder, CEO, and chief scientist at Blue Planet. “The investment may also provide future opportunities to incorporate Blue Planet’s approach into Chevron’s projects.”

About Chevron Technology Ventures

Chevron Technology Ventures (CTV) pursues externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.

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Contacts

Mary Murrin, mmurrin@chevron.com, +1 832-421-6996