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(Image courtesy of Chevron)

Chevron Technology Ventures LLC (CTV) announced the launch of a new $90 million venture capital fund to invest in early- to mid-stage companies and in limited partnership funds.

Called the “CTV Fund V”, it will focus investment on companies developing emerging technologies that have the potential to improve Chevron’s oil and gas base business performance or create new opportunities for growth.

“We provide an excellent source of innovative technologies that can deliver value to Chevron’s business units when applied,” said CTV President Barbara Burger. “We are using venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron.”

CTV screens more than 400 prospective opportunities each year, selecting between one and three companies to invest in, and currently have a portfolio of  37 companies.

Partner technologies are used across Chevron’s Upstream and Downstream business units, producing substantial earnings for the company.

Formed in June 1999, CTV invests in technology start-up companies whose innovations could significantly benefit Chevron’s existing businesses and lead to new growth opportunities.

CTV manages more than $250 million in strategic investments.