Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, one of the world’s largest integrated energy companies, has announced that it has made a new investment in UK-headed Carbon Clean Solutions Pvt Ltd (Carbon Clean), a global leader in "cost-effective industrial carbon capture."
The size and cost of installing carbon capture technology have been a barrier to adoption. Carbon Clean’s technology is designed to reduce the costs and physical footprint required for carbon capture compared with many existing approaches.
Carbon Clean’s technology and fully modular construction also aim to reduce site disruption and facilitate faster permitting.
We look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower-carbon solutions. Chevron has a long history of supporting innovation, said Chris Powers, VP of Carbon Capture, Utilization, and Storage (CCUS) with Chevron New Energies (CNE).
Chevron Technology Ventures made an initial investment in Carbon Clean in 2020.
Chevron’s investment demonstrates interest in our technology, business strategy and rapidly expanding order book. We are seeking to deliver a revolution in carbon capture driven by our modular technology and are thrilled that Chevron shares our vision for the sector, said Aniruddha Sharma, Co-founder, and CEO of Carbon Clean.
In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen, offsets, and emerging energies, as well as support Chevron’s ongoing growth in biofuels.
We are working to remove the biggest barriers to the adoption of widespread industrial carbon capture. It is vital that we decarbonize hard-to-abate sectors while developing new low-carbon technologies. This latest investment and our work with partners, such as Chevron, will provide us with the opportunity to deliver exponential growth in carbon capture and meet ever-rising demand, said Aniruddha Sharma.
Pilot carbon capture
As part of the new investment, the value of which has not been disclosed, Chevron and Carbon Clean are seeking to develop a carbon capture pilot for Carbon Clean’s CycloneCC technology on a gas turbine in San Joaquin Valley, California (CA).
Carbon capture will play a crucial role in reducing emissions in hard-to-abate energy-intensive industries such as refining, cement, and steel.
Chevron is targeting 25 million tonnes of carbon dioxide (CO2) per year in equity storage by the end of this decade, with a focus on developing regional hubs that leverage its existing and emerging partnerships with customers, governments, and industry.