Baseload Capital has completed a $25 million funding round with Chevron Technology Ventures as a new strategic investor.
FREMONT, CA: Baseload Capital, a Swedish firm that funds the deployment of heat power worldwide, has completed a $25 million funding round with Chevron Technology Ventures as a new strategic investor. Chevron Technical Center and Baseload Capital have already signed a letter of intent to investigate a possible pilot project in California as the first result of the partnership.
"In August, we announced that we were looking for a new strategic investor to help us accelerate deployment in our key markets," says Baseload Capital CEO Alexander Helling. "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."
The Chevron Technical Center's future pilot and commercial programs are designed for improving lower-carbon energy development. Baseload Capital and Chevron will look for commercial heat power possibilities in common geographies where Chevron operates as Baseload Capital continues to build heat power plants worldwide. Heat power is a low-cost renewable energy source that can be derived from either geothermal or waste heat.
"Chevron's investments in geothermal power reflects our ongoing efforts to help advance the world's transition to a lower carbon future," said Barbara Burger, vice president, innovation and president of technology ventures at Chevron. "We look forward to working with Baseload Capital to expand geothermal resources in the U.S. and internationally."
Chevron Technology Ventures (CTV) seeks out and invests in externally established technologies and new business models that have the potential to enhance Chevron's ability to generate and supply affordable, reliable, and increasingly clean energy. CTV explores new ways to shape the future of energy by leveraging emerging companies and innovations to improve Chevron's core operations. Chevron's Core Venture Fund invested in Baseload Capital, which invests in technology that has the opportunity to bring efficiencies to Chevron's core business in the fields of operational expansion, digitalization, and lower-carbon operations, such as geothermal.