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United States : CHEVRON announces New $90 MILLION venture fund.

Houston-based Chevron announced a fresh $90 million venture capital fund to invest in early- to mid-stage technology providers whose solutions expects to enhance the US supermajor s operations.

The new CTV Fund V would focus on companies with projects that have the potential to improve Chevron s oil and gas base business performance or create new opportunities for growth, said the company's Chevron Technology Ventures arm.

The fund aimed to use venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron, said Chevron Technology Ventures president Barbar Burger.

Every year, one to three companies are selected for investment of more than 400 screened providers. The current portfolio comprises 37 companies.

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Publication:Mena Report
Date:Sep 28, 2013
Words:133
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