Next* Magazine, Issue 4 - Chevron

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ThePipelinInnovationIn-house venture capital:an ‘on ramp’ for innovationFueling New Technologies and EntrepreneursFor Chevron, the development of new energytechnologies is an important focus.The company’s commitment to entrepreneurship,ingenuity and new technologies led itto become the inaugural global partner for the2010 Cleantech Open. This one-of-a-kind annualbusiness competition and mentorship programhas enabled hundreds of clean-technologystartups to bring their breakthrough ideas tofruition. In the process, it has helped alumnicontestants raise more than $125 million whilemaking thousands of green-collar jobs possible.“We joined the Cleantech Open as aglobal partner based on the competition’soutstanding track record of success,” saidJohn McDonald, Chevron vice president andchief technology officer.McDonald added that “along withsignificant financial support, Chevron canoffer something even more valuable—theknowledge and expertise we bring as a globalenergy company involved in every stageof the technology development cycle. Webelieve this is how the future of energy willbe created—through great ideas, strongcollaboration and business development.”Learn more about the competition atChevron.com/Next/CleantechOpen.36 | Next*
e ThePHOTO: JOHN FOXX/STOCKBYTE/THINKSTOCKinnovations below are diversebut have something in common:• High-performance storagesystems for computer datathat facilitate faster and better businessdecisions.• A revolutionary new process that canrapidly deposit diamondlike coatings onproduction tubing and other critical parts toprotect them from harsh environments.• Specialty chemical polymers that removeheavy metals and other soluble contaminantsfrom water.• Streaming real-time video sent fromphones and other handheld devices to locationsanywhere in the world.The common thread is that each innovationwas brought to Chevron by ChevronTechnology Ventures (CTV). As the company’sventure capital arm, CTV continuallymonitors emerging technologies, movingquickly to invest in commercial breakthroughswithin the world’s laboratories andearly-stage companies.Clear strategic value“Our venture capital team provides a valuableinnovation pipeline to new technologiesthat meet specific business needs in increasinglycomplex environments,” said Des King,president of CTV.Currently, CTV manages almost$200 million in strategic investments.Financial support can occur at any phase ofthe technology development cycle and mayinvolve everything from seed investmentsto capital for full-scale commercialization.However, to be a viable candidate, a companymust meet strict criteria, providing clearstrategic value for Chevron as well as asuperior financial rate of return. Currentareas of investment interest include:• New developments for the company’s corecrude oil and natural gas business.• Emerging energy technologies such asbiofuels and other renewables.• Advanced materials, including atom-sizednanotechnology devices and micro-electromechanicalsystems.• Wireless communications and advancednetworking infrastructure.• Information technology hardware andsoftware innovations.Once Chevron invests in a company,it works with that company to create aproduct or service best suited for adoptionwithin Chevron.Shoot for the triple winSince 1999 when the program was firstconceptualized, CTV has assessed approximately3,500 early-stage companies—nearlyone company per day for 10 years. It investedin 54 of them, resulting in 114 technologytransfers. A technology transfer occurs whena Chevron business uses the technology.CTV aims for at least 10 such transfers a year.“We shoot for a triple win with everyinvestment we make,” said Trond Unneland,vice president and managing executive ofCTV. “The daring entrepreneurs whose workwe champion receive Chevron’s minorityequity investment, become our suppliersand may grow to the point where they areacquired at an attractive price by anothercompany. At the same time, investors whofund the emerging enterprise achieve anattractive return on their investment, and theChevron operations that, as early adopters,embrace the new technology gain valuableoperational advantages.” ■A video highlighting some of CTV’s recentsuccesses can be found at Chevron.com/Next/TechInvestment.Next* | 37
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Page 22 and 23: In western Kazakhstan, Gulfara Mukh
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Page 26 and 27: Senior technologyconsultant Kevyn R
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Page 30 and 31: Operators Tedi Kusyanto and Sutono
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Page 40 and 41: 38 | Next*Manager Michelle Long and
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Page 46 and 47: Chevron and the University ofCalifo
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Page 50 and 51: Next GenerationKrista Heidersbach:C
Page 52: Chevron CorporationA-2P.O. Box 6078

Next* Magazine, Issue 4 - Chevron

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