Baseload Capital closes equity round of US$25 million

A spinoff of waste heat to power company Climeon AB, Baseload Capital Sweden AB (Baseload Capital) is a specialized investment entity that funds the deployment of heat power projects worldwide.

The Baseload Capital investment came from Chevron’s Core Venture Fund which invests in technology that has the potential to add efficiencies to Chevron’s core business in the areas of operational enhancement, digitalization, and lower carbon operations including geothermal.

As an initial outcome of the alliance, Chevron Technical Center and Baseload Capital have already signed a Letter of Intent to investigate a potential pilot project in California (CA).

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 will accelerate our ability to deploy heat power, and strengthen our way of working, said Alexander Helling, CEO of Baseload Capital.

The potential pilot projects and commercial projects with Chevron Technical Center are designed to advance lower-carbon energy production.

As Baseload Capital continues to develop heat power plants worldwide, Baseload and Chevron will look for commercial heat power opportunities in common geographies where Chevron operates.

Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat.

Chevron’s investments in geothermal power reflect our ongoing efforts to help advance the world’s transition to a lower-carbon future. We look forward to working with Baseload Capital to expand geothermal resources in the US and internationally, said Barbara Burger, VP of innovation and President of Technology Ventures at Chevron.